We use cookies on this site to provide you with an informative and engaging experience and also to help us to continually improve our site for you. Without allowing cookies certain features of the site will not be available. To learn more about how we use cookies, please view our cookie policy. By clicking on ‘I AGREE’, you consent to our use of cookies on this device in accordance with our policy.

Logo of Wolters Kluwer, Kluwer Law Online
European Business Law Review
Search content button

Home > All journals > European Business Law Review > 31(4) >

Data, Innovation and Competition in Finance: The Case of the Access to Account Rule

Cover image ofEuropean Business Law Review

$25.00 - Rental (PDF) *

$49.00 - Article (PDF) *

*service fee may apply
Data, Innovation and Competition in Finance: The Case of the Access to Account Rule


European Business Law Review
Volume 31, Issue 4 (2020) pp. 573 – 610

https://doi.org/10.54648/eulr2020023



Abstract

Technological innovation can foster competition within the retail financial sector. However, in order to pave the way for the emergence of FinTech with the goal of promoting innovation and competition, policymakers need to address a data bottleneck problem. The access to account (XS2A) rule introduced by the revised EU Payment Service Directive (PSD2) is worth of attention as it mandates banks to provide access to customer account data to all authorized third payment service providers. If properly implemented, the XS2A rule may unlock competition in retail financial markets by mitigating consumer disengagement and information asymmetry problems that have traditionally affected retail financial markets. In this respect, as showed by the UK Open Banking experience, supervised application programming interfaces (APIs) standardization is crucial to deliver adequate levels of interoperability.


Keywords

FinTech, PSD2, payment services, access to account rule, big data, open banking, API, competition law, BigTech, standardization


Extract




Subscribe to this journal

Interested in a subscription? Contact our sales team

Browse by practice area
Share
Stay up to date


RSSETOC