Public consultations of the European Commission on the review of regulation concerning payment services and the open finance framework

On 10 May 2022, the European Commission launched two important public consultation rounds. The Financial Supervision Authority encourages its supervised entities and stakeholders to respond to them. The consultation periods run until 5 July 2022.

Second Payment Services Directive (PSD2)

This consultation concerns the Second Payment Services Directive (PSD2) The purpose of the consultation is to gather views regarding the impact and revision needs of PSD2. Opinions collected in the consultation are also used as input for a potential reform of PSD2. The review of PSD2 is part of the Commission's retail payments strategy published on 24 September 2020.

Regulatory framework for open finance

This consultation concerns the open finance framework. In PSD2, the idea of providing third-party service providers with access to payment accounts data at the account holder's consent was adopted. Now, the purpose is to extend this idea of “open banking” into other customer data pertaining to financial services, in addition to payment accounts data. The consultation explores opportunities of data sharing related to financial services, partly also beyond the open finance framework. The open finance framework is part of the digital finance strategy published by the European Commission on 24 September 2020.

The European Commission has also opened a joint consultation on the abovementioned themes targeted at the broader public. The consultation period of this public consultation ends on 2 August 2022.

Links to information concerning the public consultations:

Targeted consultation on PSD2 – closing date 5 July 2022

Targeted consultation on open finance – closing date 5 July 2022

Joint public consultation (PSD2 and open finance) – closing date 2 August 2022