Despite the efforts of challenger banks and the emerging FinTech sector, the European retail banking market remains concentrated. While this partly reflects consumer inertia, it is also a consequence of the advantage which incumbent banks have with respect to customer data and payment infrastructure. The increasing power of technology to harness datasets for commercial purposes, combined with product tying and the economies of scale enjoyed by larger banks, had led to concern that, without regulatory intervention, this market would solidify further. As Meglena Kuneva, the European Consumer Commissioner noted in 2009, “Personal data is the new oil of the internet and the new currency of the digital world.” Prior to PSD2, this data was guarded jealously by a small number of large banks. PSD2 changes the game. PSD2 – the objectives The original Payment Services Directive was adopted in 2007 (PSD) to create a single market for payments and provide a legal foundation for the Single Euro Payments Area, an EU payment-integration initiative for the simplification of Euro-denominated bank transfers. The changes introduced by the second Payment Services Directive (PSD2) came into force on 13 January 2018 and are designed to address technological developments in retail payment services since the… Read full this story
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