Exclusive: Brussels Threatens Reforms If Banks' PSD2 Strategies Hold Back Fintechs

European Commission vice president Valdis Dombrovskis has threatened further regulatory intervention if banks’ strategies for the revised Payment Services Directive (PSD2) cause “a decline in the quality” of third-party payment services.

In a letter addressed to a trio of senior European regulators and policymakers, seen by PaymentsCompliance, Dombrovskis said that third-party providers’ (TPPs) account access rights “must not be undermined by limitations” in the interfaces banks are building.

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