The European Commission has provided new details in regard to its overhaul of EU payment rules and the impact on stablecoins.

Back in June, the European Commission unveiled a series of proposals to update regulations involving stablecoins and other financial services.

Known as Payment Services Directive 3 (PSD3) and the Payment Services Regulation (PSR), the reforms aim to regulate digital payments throughout the European Union, Crypto News reports.

According to Head of Payments at the European Commission, Eric Ducoulombier: “We propose to modify the Settlement Finality Directive (SFD) to enable non-banks to access payment systems. We also propose remedies to the recurring ‘de-risking’ problem faced by some Payment Institutions (PIs) and E-money Institutions (EMIs), which should substantially improve their capacity to open and maintain bank accounts.”

Circle’s Director of EU Strategy & Policy, Patrick Hansen, said this signals that “stablecoin issuers will be able to access central bank payment systems, safeguard funds with the central bank, and should have less trouble opening bank accounts. Good development for innovation and competition in payments in the EU.”

Furthermore, in regard to the impending review of EU payments rules (PSD/PSD3), a number of key modifications are looming for the EU payments sector.

The Council and the European Parliament will review these proposals before becoming law, the Crypto News report adds. The finalised PSD3 and Payment Services Regulation will unlikely come into effect until at least 2026.

A few months ago, the ECB unveiled plans to initiate testing transactions between financial firms using the digital Euro, getting underway next year.