The European Commission has today put forward proposals to bring payments and the wider financial sector into the digital age. Today's new rules will further improve consumer protection and competition in electronic payments, and will empower consumers to share their data in a secure way so that they can get a wider range of better and cheaper financial products and services. These proposals place consumers' interests, competition, security and trust at their centre.
The payment services market has changed significantly in recent years. Electronic payments in the EU have been constantly growing, reaching €240 trillion in value in 2021 (compared with €184.2 trillion in 2017). This trend was accelerated by the COVID-19 pandemic. New providers, enabled by digital technologies, have entered the market, in particular providing ‘open banking' services – i.e. securely sharing financial data between banks and financial technology firms (‘fintechs'). More sophisticated types of fraud have also emerged, putting consumers at risk and affecting trust.
In response to these developments, today's package seeks to ensure the EU's financial sector is fit for purpose and capable of adapting to the ongoing digital transformation, and the risks and opportunities it presents – in particular for consumers.
Legislative proposal for a framework for Financial Data Access: (...)
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