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Exclusive data from FXC Intelligence demonstrates the significance of PSD3

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  • 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.

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.”

Further information

  • FXC Intelligence is the industry leader in cross-border payments data and intelligence.
  • The world's biggest banks, payments and big tech companies use our critical data to make vital decisions that shape their day-to-day operations, product development and strategy.
  • Our data is also used by a number of international bodies, including the World Bank and the Financial Stability Board, to provide the most important indices in the sector.
  • We track pricing, market size and product changes as they happen and update our dataset at high frequency, giving our clients the competitive edge they need to stay on top in a rapidly changing market.
  • Our platform, which is built on top of our data, offers solutions such as a price engine and sales enablement tool to drive our clients’ growth and profit.
  • Our data gives us a unique understanding of cross-border payments and we share our analysis and insights every week with subscribers to our newsletter, the most widely read in the cross-border payments market globally. Interested and want to find out more? Sign up to our newsletter here.

Kezia Johnson
External Communications and Branding Manager
kjohnson@fxcintel.com

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