The main purpose of this thesis is to present provisions of modernised Directive 2015/2366 on payment services in the internal market (“PSD2”) which enables non-banking payment service providers access to payment accounts that banks maintain for their clients (the “opening” of payment accounts), and impact of “opened” access to accounts on banking business.
Technological progress in the financial area challenged self-evidence of banks' control over payment accounts of their clients and stimulated development of new payment methods. In practice, mainly two kinds of new payment services emerged: payment initiation service and account information service. In both cases, provider of these services – the non-banking provider – accesses user's payment account mantained by the bank. Hence, the user does not open payment account with the non-banking provider. In order to provide own payment solutions, the non-banking provider uses payment account which the user holds elsewhere. Payment initiation service provider initiates payment in the user's online bank on behalf of the user. Account information service provider displays information on payment account available within online bank in its own application. PSD2 enables these providers to enter the market in a regulated manner and obliges the banks to enable them access to payment accounts of their clients. Hereby, PSD2 answers the question which has been subject of much discussion: should financial data be owned by the subjects to which they pertain, or the banks.
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