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Diego López, from CM.com: “The new PSD3 should include cross-border payments”

The PSD2 system is the European regulation on electronic payment services, which was launched progressively since January 2018. The arrival of new players and the maturation of the market, after the boost that the pandemic has given to the digitization of the sector, have meant that start talking about PSD3, a new regulation that will correct and complete the current PSD2.

To delve deeper into this regulation, we have spoken with Diego López, Business Development Manager of CM.com. López tells us about the improvements that the update should include, dates and implications for Spanish businesses, among other topics.

MuyPymes: Is there a date for the new PSD3?

Diego Lopez: There is still no set date, what is currently being carried out by the community institutions is a consultation on whether PSD2 has fulfilled its purpose, and what points have been left out of it or need improvement, with the aim to evolve normatively at the technological pace of the market.

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MuyPymes: What improvements should the current PSD2 include and that could be reflected in the new PSD3?

Diego Lopez: Some of the points that this new PSD3 must include, or the updating of the current PSD2, are to cover issues such as the interaction of new participants, continue to improve in reducing fraud and one of the important points, include cross-border payments in this regulation, which were left out in the current PSD2.

MuyPymes: What is the reason that this regulation has been implemented and what does it imply?

Diego Lopez: The need to establish common standards capable of regulating different companies and organizations that are appearing, in the end it is the very dynamism of the market that generates the need for new regulations, which are capable of giving support to the new work systems.

MuyPymes: How has the entry of new players such as fintechs affected the market?

Diego Lopez: The entry of new players is always beneficial for the market and for customers. Competition is what causes the greatest evolution and adaptations, both of the new participants and the natural evolution of the traditional actors.

Another point in favor of fintech companies is that they have the facility to adapt more easily to the different movements of the market, something key is to understand the real needs of the clients, since many of them were born with the origin of fulfilling them.

MuyPymes: How is the concept of open banking related to this regulation?

Diego Lopez: Open banking is the opening of user information to third parties, this type of regulation is what we mentioned earlier in relation to the need to regulate regulations on traditional actors and new Fintech, with the aim that all companies are protected under the same regulations and be able to handle the different information, unifying it in the same channels.

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