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ACM warns of the risk of exclusion of new payment services


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Interesting read from a Dutch article (Google translate)

Banks may be able to block new parties in the payment market as a result of new European rules that apply from January. The regulator ACM warns of this, which sums up the parties to give space to the so-called fintechs. Consumers can pay electronically in more and more ways via, for example, PIN, PayPal, iDeal or credit card. More and more companies see a chance to enter the payment market with new and innovative services.

For this they often need access to the payment account of their customers. The new rules require banks to share payment information with providers of new payment products, provided that permission has been given.

According to the regulator, however, exclusion is lurking. According to the ACM, the rules leave too much room for free interpretation. This glove should be picked up together with De Nederlandsche Bank (DNB).

Furthermore, it would be wise to financially compensate banks for providing data. This is also permitted by the European Commission. If banks have to grant free access, this can give banks an incentive to exclude fintechs, according to the ACM.

Furthermore, fintechs should be given the opportunity to offer payment accounts under certain conditions, but a license is required for this. A '' banking license in lighter form 'for fintechs would then offer a solution, which could also reduce the market power of banks, and the government also embraced this idea in its coalition 

Edited by Ripplezzzz
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