EU Commission proposes a new regulation to allow the advent of Open Banking (PSD3)
Eagerly awaited by open banking players, a draft regulation for payment services (RSP) was presented by the European Commission on June 28, at the same time as the draft revision of the European directive on payment services. payment (PSD3). While it does not represent a revolution on the scale of PSD2, the regulation aims to recall the spirit of the previous directive and remove a number of obstacles to the advent of open banking.
Among its proposals: establish an obligation of performance and security of these APIs, both in terms of functionality, response time, data access parity... A certain number of obstacles to data access could also be banned from banks. The regulation also confers a greater role on local authorities than that granted by DSP2, suggesting the possibility of sanctions in the event of breaches.
The Commission also wishes to introduce an obligation for banks to set up dashboards that are easily accessible by their customers, on which they can view all the third-party players to whom they have given access to their data, which and on how long, and to revoke them.
Please note: The text will now be examined by the European Parliament and the Council, and amended. It should be voted on in the spring of 2024, and the regulation provides for entry into force 18 months later.