EBA’s opinion on removing obstacles to account access under PSD2

On February 22nd, 2021, EBA published an opinion on supervisory actions national competent authorities should take to ensure banks remove any remaining obstacles that prevent third-party providers from accessing payment accounts, which restrict EU consumers’ choice of payment services. EBA aims to build a common Union supervisory culture, unified practices and consistent application of PSD2, RTS (Regulatory Technical Standards) on SCA (strong customer authentication) and CSC (common and secure communication).

PSD2 applies since January 13, 2018. The Directive requires Account Servicing Payment Service Providers (ASPSP) to establish the access interfaces through which third-party providers can access the customers’ payment accounts securely. Provisions of RTS on SCA&CSC require ASPSPs that have implemented a dedicated interface to ensure that the latter does not create obstacles to the provision of payment initiation and account information services. In an opinion, the EBA identified a number of practices that are obstacles to the provision of third-party provider services under the PSD2, which are, therefore, a breach of law and that has to be removed by ASPSPs.

EBA expects national authorities to first assess the progress made by ASPSPs in their respective jurisdictions and, in cases where obstacles have not been removed, NCAs should take supervisory actions by 30 April 2021. EBA suggests taking more effective supervisory measures, including, but not limited to, revoking exemptions from the contingency mechanism already granted to ASPSPs and imposing fines.