Bankloch

Around the world, there are significant moves to transition from traditional electronic money transfers, which rely on batch settlement systems that can take several days for transactions to clear, to   instant, or at least near real-time, payment systems . These new innovative payment systems ensure that beneficiaries receive their funds within seconds, regardless of the day or time. Notably, developing countries are at the forefront of these efforts, while many developed nations are falling behind. Key success stories come from the BRICS nations, such as Brazil with its PIX system (launched in 2020), and India with the UPI initiative (launched in 2016), which now handles 46% of global instant payment volumes. For more information, see my blog post " The UPI Phenomenon: From Zero to 10 Billion " ( https://bankloch.blogspot.com/2023/09/the-upi-phenomenon-from-zero-to-10.html ). Other significant initiatives include WeChat Pay and AliPay in China, SPEI in Mexico, PSE (Pagos S

With the successful rollout of PSD2, the European Union (EU) continues to advance innovation in the payments domain through the anticipated introduction of the   Payment Services Directive 3 (PSD3) . On June 28, 2023, the European Commission published a draft proposal for PSD3 and the   Payment Services Regulation (PSR) . The finalized versions of this directive and associated regulation are expected to be available by late 2024, although some predictions suggest a more likely timeline of Q2 or Q3 2025. Given that member states are typically granted an 18-month transition period, PSD3 is expected to come into effect sometime in 2026. Notably, the Commission has introduced a regulation (PSR) alongside the PSD3 directive, ensuring more harmonization across member states as regulations are immediately effective and do not require national implementation, unlike directives. PSD3 shares the same objectives as PSD2, i.e.   increasing competition in the payments landscape and enhancing consum