On 28 June, the EU Commission unveiled its long-awaited proposals for a comprehensive financial data access and payments package. The package includes the introduction of a new Payment Services Directive (PSD3), Payment Services Regulation (PSR), and a framework for financial data access (Open Finance).

The primary objectives of these proposals are to combat payment fraud, enhance consumer rights, foster fair competition between banks and non-banks, improve open banking practices, ensure cash availability, and strengthen harmonisation and enforcement measures. Furthermore, the Commission aims to establish a framework that grants clear rights and obligations for customer data sharing within the financial sector. This framework emphasises customer control over data access, standardised data and technical interfaces, liability for data breaches, and incentives for the development of high-quality data interfaces. The proposals also focus on opening up access to finance data based on user consent, creating a level playing field and fostering increased competition in terms of access to banking and finance-related data.

Source: ACCIS Industry News