EU announces modernisation of payment services

The commission is additionally considering granting non-bank payment service providers full access to all payment systems within the EU. This approach aims to establish equal opportunities for both banks and non-banks by implementing a new set of regulations. Furthermore, this measure is anticipated to offer adequate protections for non-bank providers and ensure their entitlement to a bank account.

Among the comprehensive reforms introduced by the commission in the realm of electronic payments, there are also improvements being made to open banking. This entails establishing a secure method for consumers and businesses to share their payment account information with regulated third-party entities, enabling them to access tailored services like lending or payments.

The proposal includes the ability for customers to share their data with data users with no obligation to do so, financial institutions who hold customer data will be obligated to make this data available to data users, customers will have full control over who accesses their data and for what purpose. Furthermore, there will be clear standards of customer data and the required technical interfaces, as well as liability regimes for data breaches and dispute resolution mechanisms.

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