Abstract
The European Union’s revised Payment Services Directive (PSD 2) aims at opening up the market for payment services in the EU. Banks are required to grant other providers access to their customers’ payment account data in order to stimulate competition, facilitate the development of new, innovative offerings and allow customers to ‘shop around’ for better-value, more personalised services. While billed as a major win for customers the regulatory approach of PSD 2 is informed almost exclusively by competition law and supply-side concerns as they take precedence over customers’ and public interest considerations, such as data protection and privacy. In an environment that is increasingly dominated by large digital platforms this may prove to be a costly mistake.
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Notes
- 1.
Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market; OJ L 337, 23 December 2015, pp. 35–127.
- 2.
Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data; OJ L 119, 4 May 2016, pp. 1–88.
- 3.
European Court of Justice: Judgment of 11 September 2014, MasterCard Inc. and Others vs. European Commission; C-382/12 P, EU:C:2014:2201.
- 4.
European Commission: Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Council of the Regions: A Digital Single Market for Europe (COM/2015/0192 final). European Commission, Brussels, 06 May 2015.
- 5.
Charter of Fundamental Rights of the European Union; OJ C 326, 26 October 2012, pp. 391–407.
- 6.
Regulation (EC) No 2887/2000 of the European Parliament and of the Council of 18 December 2000 on unbundled access to the local loop; OJ L 336, 30 December 2000, pp. 4–8. (Note: this regulation was replaced in 2009 and is no longer in force.)
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Stiefmueller, C.M. (2020). Open Banking and PSD 2: The Promise of Transforming Banking by ‘Empowering Customers’. In: Spohrer, J., Leitner, C. (eds) Advances in the Human Side of Service Engineering. AHFE 2020. Advances in Intelligent Systems and Computing, vol 1208. Springer, Cham. https://doi.org/10.1007/978-3-030-51057-2_41
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