Public consultation on payment services and open finance - outcome

Earlier this year, the European Commission consulted the general public and a broad range of stakeholders to gather evidence on the application and impact of the revised Payment Services Directive (PSD2), and to inform the Commission’s work on open finance. The results have now been published. 

The Digital Finance Strategy and the Retail Payments Strategy announced the launch of a comprehensive review of the application and impact of PSD2 to assess whether legislation remains fit for purpose. Parallel to the evaluation of PSD2, the Digital Finance Strategy announced the Commission’s ambition to propose legislation on a broader ‘open finance’ framework. The aim of such a framework is to allow customer data beyond the scope of PSD2 to be shared and re-used by financial service providers for creating new and improved services, subject to customer agreement as well as the effective application of data protection rules and security safeguards.

The public consultation will inform the Commission on the application and impact of PSD2 and on the views on open finance, taking into consideration, among others, developments in the payment market, payment user needs and the need for possible amendments. The public consultation will allow the public to share their views and thereby support the assessment and enable the Commission to decide whether EU coordinated action and/or policy measures are warranted.