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@ArturoGonzálezMacDowell:

Very well then, fintech should setup "mutual certificate authentication" for banks, allow banks to screen scrape fintech apps, show banks how easy it is to identify banks accessing each screen-scraped session. Since fintech prides itself on agility vis-a-vis banks, fintech should be able to do all this in no time, thereby not threatening PSD2 timescales.

Let fintech allow banks to screen scrape fintech apps. Then banks won't protest fintech's demand to screen scrape banking apps. On a side note, who is responsible for leakage / loss of customer data during a screen scraped session used by a third party (vs. customer)? In fact, is it even technologically possible to determine whether a screen-scraped session is used by first party (i.e. customer) or third party (i.e. fintech / bank)?

@BimalMelwani:

IMO, permission(s) is / are required for a bank to make a CLO to a customer is irrelevant in the current context. My point is "banking data" - taken as a monolithic entity - belongs jointly to customer and bank. Both parties have to agree to share that data with third parties. Customer's approval alone does not suffice.

@BimalMelwani:

Notice I've said the data is proprietary to both consumer and service provider. I don't agree that consumers are sole owners of transaction data, whether with Amazon or Vodafone or Banks. Data belongs to both parties.

To take an example, consumer gets a CLO on their NetBanking portal. This data / info / whatev is generated by Bank. While it's produced by using consumer transaction history as raw material, the finished good itself is owned by Bank - just as a limestone quarry does not own the cement produced from the limestone supplied by it to the cement manufacturer. Scraping will allow fintech to gain access to what's a form of trade secret. Hence fintechs can't demand access via screen scraping.

@BimalMelwani: 

Sorry it was my intention to reference just the following passage in my blog post: http://lnr.li/Q6npt. I said wrong move on the part of fintechs because banks could equally well turn around and ask fintechs to share their customer data with banks.

Consumer's purchases on Amazon are proprietary to both consumer and Amazon. Consumer's plan with Vodafone are proprietary to both consumer and Vodafone. Likewise, consumer's financial transactions with a Bank are proprietary to both consumer and Bank. Why should only banks be compelled to share their proprietary with third-parties?  

The notion of level playing field works both ways. If fintechs want consumer-bank proprietary data, then they should mandated to share their consumer data with banks.

The risk to Indian ATMs is exaggerated. Ever since demonetization in Nov. 2016, they've hardly had much cash to worry about.

I've used DueDil to gather info about private companies but as a marketer of B2B technology who has no other way to access such info. However, when someone applies for a bank loan, they need to submit their entire financials to the bank. Therefore, while financials of a private limited company may not available in the public domain, I'm not sure why banks should have any problem accessing that information - which is what I think you mean by "information friction" - while lending to such companies.

The similar BharatQR was launched with much fanfare a couple of months ago in India. Intended to be a lower-cost card acceptance mechanism for merchants that are (purportedly) too small to afford POS terminals, the biggest adopter of BharatQR so far has been merchants that *do* have POS terminals!

Somewhere along the line, people seem to have missed that POS terminals are not that expensive and forgotten that merchants need a merchant agreement with the acquirer bank to be able to accept card payments, whether by POS or QR. When it comes to MAs, banks continue to be wary of issuing them to smaller merchants.

Ergo, the only merchants I've seen with BharatQR are the ones who already have MA and POS! The ice cream parlor in my neighborhood is one such merchant. I asked him why he has BharatQR when he already has a POS. He told me he thought BharatQR was a different payment method and that he didn't want to lose business in case customers wanted to use it! He also told me that I was the first customer to inquire about BharatQR in the one month following his onboarding of it.  

Let's see how it goes in Thailand.

For as long as I can remember, every job cut article has a mandatory quote from UNITE. Has it ever made any difference? #JustAsking

Copy-pasting a comment to a similar article:

Wrong move.

Innovative Fintechs Don’t Need No PSD2 Regulation

But, should the fintech coalition ignore my unsolicited advice and continue to push ahead, EBA should accede to its demand. Provided the coalition will let banks screen scrape their data. Fair is fair.