European Banking Authority Blasts Attempts To Skirt PSD2

European authorities are investigating efforts by banks to thwart account access for fintechs mandated by the EU’s revised Payment Services Directive (PSD2), with plans to call on national regulators to impose sanctions.

Under PSD2, banks are supposed to allow third-party providers (TPPs) to access payment accounts for the purpose of providing account information or payment initiation services to customers. 

But Dirk Haubrich, the head of conduct, payments and consumers at the European Banking Authority (EBA), said the authority has been made aware of banks that are limiting account access, which typically takes place through an application programming interface (API), a secure channel. 

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