European Commission | May 10, 2022
This initiative will report on the application and impact of EU rules on payment services, as required by the review clause of the Second Payment Services Directive and announced in the Commission´s retail payments strategy of 24 September 2020.
The review will pay particular attention to whether the Directive is still fit for purpose given the emergence of new payment services and risks. If appropriate, the review report will be accompanied by a legislative proposal for amendments.
The EU digital finance strategy announced a proposal on open finance, which refers to the access and reuse of customer data, with consent, across a range of financial services.
This initiative aims to enable data sharing and third party access for a wide range of financial sectors and products, in line with data protection and consumer protection rules. It is based on the principle that financial services customers own and control the data they supply and the data created on their behalf.