Shearman & Sterling LLP | FinReg | European Banking Authority Publishes Opinion on Removal of Obstacles to Account Access Under Revised Payment Services Directive
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  • European Banking Authority Publishes Opinion on Removal of Obstacles to Account Access Under Revised Payment Services Directive
    02/22/2021
    The European Banking Authority has published an Opinion requiring EU national regulators to assess the steps taken by account servicing payment services providers to remove obstacles to the provision of account information services and payment initiation services by third-party providers.

    The revised Payment Services Directive and related Regulatory Technical Standards on strong customer authentication and common and secure communication require ASPSPs to establish access interfaces through which third-party service providers can securely access a customer's payment accounts. Where the ASPSP provides a dedicated interface (as opposed to a modified customer interface), the SCA RTS require it to ensure that there are no obstacles to the provision of services by third-party service providers. In June 2020, the EBA published an Opinion clarifying the requirements imposed on ASPSPs.

    The EBA's latest Opinion requires national regulators to assess the steps that ASPSPs have taken to comply with their obligations and, where obstacles persist, to take supervisory actions by April 30, 2021 that would require ASPSPs to remove these obstacles. If ASPSPs fail to take effective action by the deadlines imposed by national regulators, regulators will be expected to take more effective measures, including imposition of fines.

    View the EBA's opinion.

    View details of the EBA's June 2020 opinion.

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