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PSD 2, open banking and the value of personal data

June 28, 2018
Region:
Analyst:
With the new Payment Services Directive ("PSD 2") of the EU, which entered into force on 13 January 2018, payment services in Europe have become the frontrunner of "open banking". Account holders can request, free of charge, that banks transmit their financial data in digital form to third parties. Furthermore, they can authorise third-party providers to initiate payments from their bank account. Personal data are owned by the data subject – this principle also forms the basis of the new General Data Protection Regulation (GDPR). Under the latter, however, there is no obligation to provide a technical solution through which customers can transmit their personal data to third-party providers in a convenient manner. In contrast to the PSD 2, the GDPR is therefore unlikely to stimulate innovation and competition in payments. In the financial sector, competition will thus be distorted. Banks must grant competitors access to customer data and their payment infrastructure, whereas internet platforms, for instance, de facto retain sovereignty over the personal data of their customers as well as access to their platforms. [more]

More documents about "Europe"

185 (181-185)
July 23, 2008
Region:
182
The euro was launched with great expectations in 1999 and is a success story today. This is based on a high degree of price stability, the stimulation of trade and investment in Europe, good progress in financial market integration, and a growing international role played by the euro. But there have been disappointments, too, especially as far as growth and EMU enlargement are concerned. The monetary union faces major challenges as it enters its second decade. The distortion of competitive positions within EMU needs to be corrected. And the reformed stability pact still has to stand the test in conditions of weak growth. [more]
June 25, 2008
Region:
183
European banks have become considerably more international over the past few years, in terms of both the structure of their revenues and of their shareholders. In this context particular emphasis has been placed on strengthening the European business outside the home market, with the home market share in total revenues falling as a result – at the 20 largest European banks e.g. by 4 percentage points since 2001 to less than half. By contrast, as much as one-quarter of total revenues came from the rest of Europe in 2007 (2001: 18%). [more]
April 22, 2008
Region:
184
Recent market turmoil and its consequences will negatively impact the earnings of European banks for a considerable time. This reverses a long period of improvements in profitability and efficiency. But: the current environment should not distract from the trends that have favourably shaped the structure of the industry for the last 10 years and will continue to do so: consolidation, internationalisation, convergence and increasing specialisation. In this study, we consider to what extent these trends are going to further shape the banking sector in the foreseeable future. [more]
June 16, 2006
Region:
185
Neither theory nor empirical observations can justify an interventionist industrial policy. Under the euphemism of economic patriotism, a policy based mainly on protectionist measures and state support will ultimately harm the competitiveness of affected industries. Such an approach threatens the viability of the single European market. A more promising alternative would be an economic policy that offers growth-enhancing framework conditions to create an attractive environment for domestic firms and foreign investors alike. [more]
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