Direct authenticated access, desired by FinTechs, is officially recognized by the level II acts of the DSP 2
After more than two years of negotiations between traditional banks and Fintechs, the technical standards of the Payment Services Directive (DSP2) relating to strong authentication and communication standards have been officially validated.
France End this decision of the European authorities.
The latest negotiations around the level II acts of the DSP2 (RTS - Regulatory Technical Standards) have shown the determination of European fintechs to obtain secure technical standards that guarantee innovation.
The recently validated standards materialize the major advances of the PSD2 for:
● establish balanced competition on the European payments and financial services market, allowing Fintechs to be technologically independent from banks and limiting any hyper-control over new entrants;
● place consumers at the heart of the process control of their personal data, thus respecting the initial spirit of the PSD2 and the General Data Protection Regulation;
● support fintech innovation in Europe, in order to create the digital champions of tomorrow;
● create a new favorable climate for European fintechs, with the help of a regulatory framework conducive to their development. And in particular as regards the programming interfaces (API) which will have to be adopted by the market to validate their quality and performances.
« If today's rules are limited to payment accounts, the French and European Fintech is convinced that the innovations of the PSD2 should apply to all the accounts of Europeans to give them real power over the management of their finances. personal ... it is the meaning of history, it is the meaning of digital innovation, it is the wish of consumers ... »Declares Alain Clot, President of France FinTech.
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