With the way the world is interlinked today, it is always wise to keep an eye out once a certain industry regulation comes up anywhere in the world. Chances are that the same or a similar regulation is coming your way, so it is important to learn early how to adapt. The General Data Protection Regulation (GDPR) for instance, started as a European regulation. However, it is now mirrored everywhere in the world.

The latest such industry movement is the introduction of PSD3 (Payment Services Directive 3). It is a new regulation meant to increase the efficiency and safety/security of digital payments in the European Union. This is an upgrade on the existing PSD2 regulations, touted as a way to push innovation and competition in the financial industry further.

Payment platforms such as Brite Payments are already embracing the changing regulations. The platform has a dedicated section to educate its users on the expected improvements and changes once PSD3 comes into force. One of the major adjustments is increased verification to make fraud commission even harder.

While these regulations are meant for the European market at the moment, it is important for anyone who transacts money in Florida to get familiar with them. We are always looking to provide useful financial tips to our readers. Make sure you read our detailed article on PSD3 to get a full insight and learn how you need to adapt.

The rules may be a continent away but will still affect you if you need to transact with a person or business registered there. However, do not fret as the new regulations are meant to improve the experience of the end user. They are pretty much a routine exercise meant to keep transactions a step ahead of fraudsters who are always looking for a loophole in existing regulations.