/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.
EBA calls on regulators to get tough with banks over data sharing

EBA calls on regulators to get tough with banks over data sharing

The European Banking Authority is calling on national supervisory authorities to take action against banks limiting access to payment accounts for third parties.

The EBA says regulatory enforcements of the rules will contribute to a level playing field across the EU and to a consistent application and supervision of relevant requirements under the Payment Services Directive (PSD2) and the EBA Regulatory Technical Standards on strong customer authentication and common and secure communication (RTS on SCA&CSC).

The EBA says the latter provisions have been used unlawfully by banks as a means to hinder the efforts of third parties wanting access to customer transaction data.

In an Opinion statement, the EBA says: ""National authorities should first assess the progress made by account servicing payment service providers (ASPSPs) in their respective jurisdictions and, in cases where obstacles have not been removed, they should take supervisory actions by 30 April 2021."

Those who fail to comply should be hit with fines and sanctions, says the Authority.

Comments: (1)

A Finextra member
A Finextra member 22 February, 2021, 15:05Be the first to give this comment the thumbs up 0 likes

Interesting development. At some point this was bound to happen as Banks worry (and in some cases it is genuine) over the extent of access that they need to provide to third parties.