Mireia Tomàs

Key Digital Banking Regulations for 2024


As we step into 2024, a pivotal year for the financial sector, it's crucial to explore the regulatory landscape that guides the trajectory of digital banking. Understanding the banking regulations set to be implemented this year is essential for preparing for anticipated regulatory changes.

The Upcoming PSD3

The Payment Services Directive (PSD3) is set to make its mark in 2024, building on its predecessor's foundation and adapting to the ever-evolving world of electronic payments. Some key highlights of PSD3 include:

  • Data Sharing: Businesses are expected to engage in more extensive data sharing with issuers, employing environmental and behavioral characteristics for enhanced security measures.
  • Fraud Prevention: PSD3 proposes a significant shift in liability for fraud cases, holding various entities accountable, including schemes, technical service providers, and payment gateways, if they fail to implement Strong Customer Authentication (SCA).
  • Authentication: Offering more flexibility, PSD3 allows for the use of two factors from the same category for SCA, providing a more adaptable approach to authentication.

Crypto regulation

The year 2024 is poised to be a defining chapter in the regulation of cryptocurrencies. The HM Treasury has outlined a two-phase approach to crypto regulation:

Phase 1

The focus is on establishing Financial Conduct Authority (FCA) regulated activities under the Financial Services and Markets Act (Regulated Activities) Order 2001 (RAO). This phase primarily covers the issuance and custody of fiat-backed stablecoins in the UK and the regulation of payment services associated with these stablecoins within the UK payment chains. Expected to be a top priority in 2024, Phase 1 aims to expedite legislative processes.

Phase 2

Scheduled for later in 2024, Phase 2 expands the regulatory scope to include various activities such as issuance, exchange, investment, risk management, lending, borrowing, leverage, and safeguarding related to cryptoassets. This phase aims to establish regulated activities under the RAO and potentially under the "Designated Activities Regime."


Buy-now pay-later (BNPL)

After a comprehensive two-year consultation process, the UK government published draft legislation on February 14, granting the Financial Conduct Authority (FCA) the power to regulate firms offering interest-free instalment credit. This move is designed to protect consumers from potentially unfettered access to lending through buy-now pay-later schemes.

Mastercard Rules: AN 4569 Revised Standards

The adoption of AN 4569 Revised Standards in 2024 marks a significant milestone in the payment industry. This update unlocks new growth opportunities, enhances customer satisfaction, and positions businesses favorably in the competitive financial landscape.

Implementation Challenges

Businesses, including banks, fintech companies, and payment processors, must ensure their systems and platforms comply with the enriched merchant data requirements of AN 4569. Challenges may include data compatibility, system updates, training, and coordination among stakeholders.

Data Required by AN 4569

  • Name of the merchant
  • Business address
  • Contact details
  • Logo

This regulation signals a turning point in the industry. If your business has not yet embraced enriched data providers, now is the perfect time to take action. Explore the possibilities with APIs to ensure compliance with the criteria set forth by AN 4569 Revised Standards for Enriched Merchant Data, effective since October 2023.

Learn more about how API Triple can empower your business and position you at the forefront of compliance, innovation, and customer satisfaction


Embracing these changes is not just about compliance; it's about positioning your business at the forefront of innovation and customer-centric services. Learn more about how API Triple can empower your business and position you at the forefront of compliance, innovation, and customer satisfaction

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