The European Banking Authority (EBA) has further narrowed the lane for fintechs when it comes to access to customer accounts, rejecting industry proposals for a workaround when third parties are using a bank’s “fallback” interface.
There have been ongoing disputes over contingency access to accounts under the revised Payment Services Directive (PSD2), which applies when a bank’s main application programming interface (API) is unavailable or has not gained regulatory approval.
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