EU Watchdogs Told To Boost Open Banking Compliance

Law360, London (February 23, 2021, 1:30 PM GMT) -- Europe's top banking watchdog has warned the bloc's national regulators that they must act now to force lenders to remove any obstacles to the sector's open banking regime.

The European Banking Authority issued guidance on Monday warning national watchdogs that they must ensure that lenders have removed any barriers that prevent third-party providers from having access to a customer's account information.

The move is part of the European Union's open banking project. The regime was devised to boost competition by giving financial entities that are not banks and third-party providers access to bank accounts and their holders' data and allowing them to...

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