The European Banking Authority (EBA) has outlined its plans to set up a central register of all authorised payments firms, although it has rejected suggestions the list should be made machine readable.
The EBA is required to create and maintain a public index of payment and e-money institutions, including newly authorised third-party providers, under the revised Payment Services Directive (PSD2).
According to the regulator, the list is intended “to improve the level of available information” to consumers and businesses, increasing transparency and reducing the risk of fraud.
It is populated using data provided from national regulators across the EU.
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