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.”