EU Payment Cos. Grappling With Evolving Fintech Landscape

Law360 (July 8, 2019, 5:38 PM EDT) -- The payment services landscape in Europe is racing toward the increased use of financial technology and open banking ahead of a continent-wide directive set to go into effect in September, according to a European Banking Authority report released Monday.

The banking watchdog's publication noted several observations about the impact of fintech on licensed payment institutions and electronic-money institutions as well as key threats and challenges to their well-being, as the Revised Directive on Payment Services is being written into the national laws and regulations of European Union member countries.

The new set of rules, known as PSD2, aims to better protect consumers...

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