The EU’s top court has dealt a blow to fintechs by ruling that certain types of savings accounts are not considered “payment accounts” and so are not captured by third-party access rules.
The Court of Justice of the European Union (CJEU) concluded that online savings accounts are not to be considered payment accounts under EU law if they only allow customers to make and receive payments from third parties via an another “reference” account.
The outcome means such products are not covered by the revised Payment Services Directive’s (PSD2) third-party access regime, lessening the burden on banks that offer them.
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