Regulatory Alerts2019-11-12
Added · Updated
Account information services licence requirements in cases involving outsourcing or multiple parties
A licence requirement applies to any party that enters into a contract with an account holder for an account information service, including third parties that retrieve payment data and have access to personal payment data or security tokens. Outsourcing data retrieval to an unlicensed party is permitted only if that party provides purely technical transmission services without autonomous access to account details. Third parties processing retrieved data without direct user contracts fall outside the scope of PSD2 and are not subject to licensing, provided the primary provider holds the user agreement.