Regulatory Alerts2021-04-30
Added · Updated
Circular Letter No. CC/2021/00000021: Supervisory Actions to Ensure Removal of Obstacles to Third-Party Payment Services
Payment Account Service Providers (ASPSPs) that have developed dedicated APIs must correct identified non-compliances, including missing payment instruments, authentication flow obstacles, and missing authentication methods, by 30 September 2021. Failure to comply may result in the application of the current regulatory offense regime and the revocation of any granted API contingency mechanism exemptions. Violations regarding account access for payment initiation and account information services are classified as particularly serious offenses, subject to fines ranging from 10,000 to 5,000,000 euros.
Topics
open-banking
enforcement
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