Fintech, Access to Data, and the Role of Competition Policy

Posted by Social Science Research Network

Simonetta Vezzoso (University of Trento)

Fintech, Access to Data, and the Role of Competition Policy

The revised EU Directive on payment services in the internal market (PSD2) entered into application on 13 January 2018. The PSD2 introduces a sector-specific data portability rule dubbed access to account, or XS2A. Under the PSD2, specific categories of third parties (“Fintechs”) are allowed to access bank account data to provide payment-related services requested by the customer.

The Paper first outlines how the PSD2 intends to tackle well-known market failures and other issues in the EU payment sector. Second, it discusses the role of competition enforcement in the shadow of the PSD2. Finally, the Paper asks whether the XS2A rule could serve as a template for further access regimes in the data economy.

Continue Reading…