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European Banking Authority Blasts Attempts To Skirt PSD2
7th Nov 2019 | Written by:
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...
Hong Kong Sets Out Consumer Protection Pointers For Open Banking
31st Oct 2019 | Written by:
Hong Kong’s financial regulator has urged banks and payment service providers to thoroughly vet fintechs accessing accounts under the territory’s open banking regime, as it suggests a series of...
UK To Retain eIDAS For Open Banking After Brexit
28th Oct 2019 | Written by:
EU-issued electronic certificates relied upon by third-party providers will still be valid in the UK after Brexit, the Financial Conduct Authority has confirmed.
Regulators Look To Wield Open Banking Against Financial Crime
22nd Oct 2019 | Written by:
Regulators have mooted the possibility of beating the ploughshare of open banking into a sword against financial crime, but technical and legal hurdles still stand in the way of authorities’...
German Banks And Fintechs Agree To Combine Efforts On PSD2 Account Access
17th Oct 2019 | Written by:
Germany’s payments regulator has endorsed a new collaborative effort by the country’s banks and fintechs to cooperate on the rollout of the third-party account access regime mandated by the revised...
Malta Tells Banks To Monitor Third-Party Data Use Under PSD2
16th Oct 2019 | Written by:
Regulators in Malta have told banks to ensure third-party providers operating under the revised Payment Services Directive (PSD2) cannot access data beyond what is necessary to carry out the...
Delays To PSD2 Standards A Fraud Concern, Says Europol
10th Oct 2019 | Written by:
Europol has highlighted the dangers posed by the stuttering introduction of strong authentication and open banking reforms, flagging indecision over delays as a gap to be exploited by fraudsters.
Dutch Regulator Reveals Further Public Distrust Of PSD2
7th Oct 2019 | Written by:
A survey by the Dutch central bank has revealed deep unwillingness of consumers in the Netherlands to grant third parties access to their account data, another thorn in the side of the country’s...
Mexico Touts 'Request To Pay' As Boost For Financial Inclusion
30th Sep 2019 | Written by:
Mexico’s “request to pay” infrastructure is set to launch today, carrying with it hope from authorities that this latest step on the country’s road to payments modernisation will help nudge...
Australia: ACCC Seeks Feedback from Potential Data Recipients for CDR Testing and Accreditation
26th Sep 2019 | Written by:
On August 23, 2019, the Australian Competition & Consumer Commission (ACCC) launched testing in which firms are able to express their interest in becoming accredited data recipients under the...
Bulgaria: Ministry of Finance Consults on Draft Law on Amendments and Supplementing Law on Payment Services and Payment Systems
24th Sep 2019 | Written by:
On September 20, 2019, the Bulgarian Ministry of Finance published a consultation on the Draft Law on Amendments and Supplementing Law on Payment Services and Payment Systems (LPSPS). The draft law...
Banks And Card Networks Face Threat From POS Instant Payments, Reports Warn
20th Sep 2019 | Written by:
The prospect of instant payments at the point of sale (POS) could pose an unprecedented challenge to the imperious market position held by traditional banks and card schemes, new research has...
Strong Authentication And API Issues A Perfect Storm For Account Aggregators
19th Sep 2019 | Written by:
Fintech firms that aggregate customers’ account data are complaining that banks’ preparations for new EU-level security rules are “damaging” their businesses.
Australia: Law Introducing Obligation to Include Right to Delete CDR Data in Consumer Data Rules
18th Sep 2019 | Written by:
On September 18, 2019, the Treasury Laws Amendment (2019 Measures No. 2) Bill 2019 was introduced and read for the first time in the House of Representatives. ...
EU Clarifies Account Aggregator Licensing Rules After UK Interpretation Issues
16th Sep 2019 | Written by:
European authorities have said account information service providers (AISPs) do not need to provide services directly to the end user to qualify for authorisation, underlining the divergence...
Finnish Banks Fail To Meet Demands On APIs, Regulator Reveals
16th Sep 2019 | Written by:
Finland’s financial regulator has revealed that some of the country’s banks failed to meet requirements on third-party account access that came into effect on Saturday.
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