European Union
Understand the EU's payment-services framework and the separate proposal for wider financial-data access. Use the distinction to ask better questions about a UAE proposition.
Overview
The revised Payment Services Directive (PSD2) is part of the EU payment-services framework. It became applicable in January 2018. The European Commission's payment-services reference links the legislation, technical rules and reform timeline.
Keep two reform tracks separate. PSD3 and the Payment Services Regulation (PSR) concern payments. The Commission's timeline records political agreement on the PSD2 review on 27 November 2025. That milestone is not a claim that every reform requirement is already applicable; check the final legislation and application dates before relying on it.
The separate Financial Data Access (FiDA) proposal addresses access to financial data beyond payment accounts. The Commission's reference describes proposed rights, obligations and customer-control tools. Read its legislative scope and progress separately from the payments reform.
EU and UAE: reference points
This is a scoped reading guide, not a comparison of adoption or implementation quality. The frameworks and their registers serve different purposes.
| Aspect | EU (PSD2) | UAE |
|---|---|---|
| Starting scope | PSD2 payment services, including account information and payment initiation | CBUAE framework for data sharing and service initiation |
| Technical reference | Read legislation, technical rules and the chosen interface specification separately | Check official technical documentation, the relevant role and version |
| Register purpose | EBA central PSD2 register reproduces institution information supplied by national authorities | Trust Framework participant directory supports participant identity and access |
| Evidence boundary | Read the register scope and consult the relevant national authority | Registration metadata does not establish certification, go-live approval or traffic |
Sources: EBA central PSD2 register , CBUAE Framework (C 03/2025) , and official UAE technical documentation . The EBA register is distinct from a Trust Framework directory and does not itself confer legal rights; authorisation remains with national competent authorities. For UAE observation limits, see the Observatory methodology .
Selected policy milestones
Sources: the Commission's payment-services timeline and FiDA reference . Political agreement, formal adoption and entry into application are different stages. This selection does not predict an implementation date.
Questions for UAE teams
OpenFinance-OS interpretation: practical questions to validate locally, rather than findings that a regulatory model guarantees a particular outcome.
Check the implementation evidence
A regulatory framework and an interface specification answer different questions from a working customer journey.
For the UAE proposition, identify the relevant standard, then test coverage, version handling and failure cases with partners.
Define the fallback experience
A missing field, delayed update or failed connection should lead to an understandable, supported next step.
Agree refresh expectations, missing-data behaviour and support ownership for the UAE customer journey.
Test customer understanding
Technical completion does not tell a team whether a customer understands the permission or benefit.
Test the purpose, data scope, recipient and withdrawal explanation with the intended users.
Keep the legislative tracks separate
Payment-services reform and broader financial-data access should be followed through their own sources and requirements.
Map the UAE proposition to its specific activities and requirements rather than treating open finance as one undifferentiated service.
Two tracks to follow
The Commission's June 2023 package sets out the separate payments and financial-data access proposals. Use the linked policy references to follow subsequent legislative steps.
PSD3
The proposed directive is part of the payments reform. Follow its final text and transposition requirements through the Commission's payment-services reference.
Payment Services Regulation (PSR)
The regulation track accompanies PSD3. Check the published legal text and application provisions rather than assuming the political agreement means implementation is complete.
Financial Data Access (FiDA)
A separate proposal for customer-data access beyond payment accounts, including customer control and data-sharing obligations. Its scope and legislative progress need their own source review.