Alarm Raised Over PSD2 ‘Spare Wheel’ Rejection

Fintech firms are arguing that the European Banking Authority's (EBA) rejection of a back-up interface for third-party account access directly contradicts the revised Payment Services Directive (PSD2).

The Future of European Fintech Alliance, a lobby group of more than 70 financial firms, issued a paper last week stating that it is “deeply concerned about the EBA’s reasoning and alternative approach” to regulatory technical standards on payment security.

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