The slow-burning effects of Europe’s new data rules

FEW EXPECTED an overnight sensation. Still, January 13th 2018 was supposed to mark a big step towards exposing the European Union’s banking systems to digital competition. The EU’s revised payment services directive (PSD2) came into effect; so did a British variant, Open Banking, the fruit of an investigation by the national competition watchdog. A year on, there is little sign of a stampede to switch banks. Yet progress is quietly being made.

In essence, the new rules seek to ensure that digital technology sharpens competition, by loosening banks’ grip on customers’ financial data, but without compromising security. They allow third parties, whether tech firms or other banks, to gather information from several accounts—with customers’ permission—in one place, so that people can manage their finances better. They also make it easier for third-party firms to pay online merchants directly from customers’ accounts.

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via The Economist: Finance and economics Business Feeds

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