Banks, Payment Providers Agree On Open Banking Standards

Law360, London (July 29, 2019, 1:11 PM BST) -- The European Commission has given its backing to a “gentleman’s agreement” between traditional European lenders and alternative payment companies that allows them to work together to implement the bloc’s open banking rules as they seek to avoid harming mutual customers.

The commission said that commitments made by three European credit sector associations — which represent banks that provide payment services — and two organizations that represent third-party payments providers will help the sector adapt to the revised Payment Services Directive. The rules, known as PSD2, are expected to be fully rolled out across Europe by Sept. 14.

“Banks and [third-party providers]...

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