It has been a while since I last spoke about myths, relating to GDPR. Now it is time to do the same for PSD2. Over the last months I have come across many misinterpretations, specifically around access to accounts (XS2A), who has the give access and for what. Let’s discuss some myths (or at least…
Despite all the new and varying financial players in today’s market, banks still hold a vital position in society. Firstly, they play a huge part in ensuring the stability and the integrity of the financial system. Secondly, even in the face of high-profile issues over the last few years, they are still the most trusted…
The EBA Register was launched in March of this year. Now that it’s been live for a few months we can take stock and consider how effective it is. While it appears to fulfil all the technical criteria set by the European Commission, does it actually add real value? Let’s find out. What’s its purpose?…
Open Banking and Innovation: Let’s not wait for PSD3! Let’s start with a fundamental question about the future of banking, finance and innovation. Our question is – in this fast-paced, digital age, how can the financial institutions drive innovation whilst enabling open and safe data use and staying compliant with regulations? Is there a…
On the 14th of June, the Minister of Finance updated the Dutch Parliament on the implementation of PSD2 into local law. The Netherlands, together with 11 other countries have not yet implemented PSD into local law, which had to be done by about 5 months ago already. The Minister didn’t give an actual implementation date but he did…
Payment Institutions (PIs) and Electronic Money Institutions (EMIs) with a head office in a member state and that operate through agents in a member state, may soon need to appoint a Central Contact Point (CCP) in that territory. It all comes from draft regulatory technical standards recently issued by the European Banking Authority (EBA) as…
At Payments International 2016 in London, I was part of a great panel where we discussed what the new Payments World will look like. Below I am sharing my thoughts on this and particularly post-PSD2. Furthermore, I will share my thoughts on whether the European Commission will be able to keep PSD2’s promise to boost…
PSD2 Fact 9: Redefining the Telecom Exclusion Under the first PSD, payment transactions by means of telecom or IT devices where the network operator operates as intermediary for the delivery of digital goods/services through the device but also in cases where the operator also adds value to those goods/services,are excluded from the scope of the…
There seems to be a general misconception on PSD2’s introduction of the positive scope of so-called ‘one leg out’ or ‘one leg’ transactions and what it seems to imply. Often people are discussing the extra-territorial scope of PSD2, meaning that payment service providers (PSP) outside the EEA, processing a payment for an EU consumer at…
PSD2 Fact 7: Commercial Agent Exemption – Impact for Marketplaces and Other E-Commerce Platforms? E-Commerce offers consumers and retailers a powerful digital platform which connects online sellers with potential buyers. Market leaders, such as Bol.com, Google Play, Alibaba, Amazon and innovating disruptors such as Uber and AirBnB are great examples of successful international digital platforms…