Exclusive data from FXC Intelligence demonstrates the significance of PSD3

FXC Intelligence publishes a new report analysing the impact that PSD3, a new amendment to the EU payment regulations, could have on the cross-border payments industry.
Exclusive data from FXC Intelligence uncovers the size of the European payments market, with $11.94tn sent from the EEA to other countries globally in 2022.
Although preparing for new regulations can be burdensome to payments providers, the report concludes that the benefits of building a more harmonious national payment system across the EU will complement the growing global B2B and consumer money transfers market.

graphic showing the history of the EU's payment services directive

Today, FXC Intelligence published a new report analysing the impact that PSD3, a new amendment to the EU payment regulations, could have on the cross-border payments industry.

Exclusive data from FXC Intelligence, the market leading provider of data and intelligence to the cross-border payments industry, shows that across consumer-to-consumer, consumer-to-business and business-to-business payments, countries in the European Economic Area (EEA) sent $11.94tn to other countries globally in 2022.

Excluding payments sent to other countries within the EEA, the total amount sent across these segments was $4.64tn, highlighting the importance of cross-border payments within the EU. It also highlights the importance of B2B payments specifically, which made up 88% of total EEA outbound flows (including intra-EEA).

With global B2B and consumer money transfers expected to continue growing – FXC Intelligence market sizing data forecasts that B2B cross-border payments could have a total addressable market of $56tn by 2030 – the importance of introducing regulations like PSD3 that ensure cost-effective, fast and secure payments is paramount.

PSD3 is also set to compact and mitigate payments fraud; provide transparency for consumers on ATM charges, account statements and remittances from the EU to non-EU countries; expand open banking; and level the playing field between banks and non-banks providing payment services.

Joe Baker, Senior Copywriter at FXC intelligence and author of the report, said:

“As a result of PSD3, it is likely that companies operating in the EEA and the cross-border space will be required to make changes to their services. Although this may be burdensome, the benefits of building a standardised and harmonious payments system within the EU will support a growing global cross-border payments industry.”