Regulatory Alerts2019-07-16
Added · Updated
Q&A on PSD2 Services 7 and 8 for Banks Authorizing Third Parties
The document clarifies that when a bank account holder authorizes a third party, such as an accounting firm, to initiate payments or share data through the bank, these activities do not qualify as PSD2 Service 7 or Service 8 respectively. Consequently, banks are not required to hold a payment institution license to provide these specific services, though they must ensure secure connections and weigh the associated interests. Banks are permitted to use either dedicated technical links or the APIs developed under PSD2 to facilitate these interactions with third parties.