These amendments, in the view of the European Commission, represent an evolution not a revolution of the EU payments framework. The amendments are aimed at improving the functioning of EU payment markets by:
Further reading:
- strengthening measures to combat payment fraud;
- allowing non-bank payment service providers (PSPs) access to all EU payment systems, with appropriate safeguards, and giving them a right to have a bank account;
- improving the functioning of open banking, especially as regards the performance of data interfaces, removing obstacles to open banking services and consumer control over their data access permissions;
- reinforcing the enforcement powers of national competent authorities and facilitating implementation of the rules clarifying various elements;
- further improving consumer information and rights;
- improving the availability of cash; and
- merging the legal frameworks applicable to electronic money and to payment services.
Further reading: