Can we not believe in Open Banking

So, Nicolas Théry, president of Crédit Mutuel and, for one year, of the French Banking Federation, affirms in a maintenance with Les Échos “do not believe” at the opening of the bank. If his deeply anti-DSP2 speech is nothing new and not surprising, it still seems to reflect a lack of lucidity abysmal and appalling.

 

First observation (and first amazement), the diatribe only addresses the aspect of the subject exposed by European regulations, which forces all establishments managing payment accounts to allow duly accredited third parties to access them for their purposes. customers (with their permission). M. Théry does not hesitate to qualify the text asabsurdity, arguing the imperative that there would be to leave sensitive information in bank vaults, so as to avoid the risks that their disclosure would entail.

 

As in all attacks of the genre, there is obviously no mention of a few essential truths, including, among other things: the protection that the entities using the services made available to them must guarantee, subject in this respect to regulations as rigorous as banks, the simple fact that the data concerned belongs to the customer (in the same way as this that he would put in a safe) or even the reality of an old practice (who has never had to send transaction statements or pay slips for such and such an approach?).

 

Above all, nowhere is the initial objective of the payment services directive in question mentioned. Or theencouragement of competition, since that's what it is, remains a burning issue for Europe, while the first solutions by transfer emergent barely. The boss of Crédit Mutuel is quick to point the finger at the anti-competitive practices of technological giants (highlighting the reaction of the Chinese regime, a shame!), Forgetting that his industry is targeted by the same accusation.

 

He does not hesitate to declare his desire to purely and simply do away with the demonized FinTech, which would be the vector of a "vaporization" of customer data and a "weakening" of computer systems, under the pretext that traditional actors are perfectly able to innovate. Which amounts to denying the progress made in the past dozen years. Split payment, for example, is only taking off because it has become instantly accessible, thanks to start-ups exploiting requesters' transaction histories in real time.

 

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