Regulation
Safeguarding
UK/EU rule requiring EMIs and PIs to segregate customer funds in dedicated safeguarding accounts or insured against insolvency; strengthened under 2026 UK rules.
Related terms
PSD2
The EU's Payment Services Directive 2, which mandates SCA, opens banking APIs, and reshapes payment liability.
PSD3 / PSR
Successor to PSD2 (Payment Services Regulation and PSD3) tightening SCA, fraud liability, IBAN name-checking, and open finance access; in EU legislative process.
Settlement currency
The currency in which an acquirer pays a merchant, potentially different from the transaction currency and requiring FX conversion.
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