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ARTICLE · 09 APRIL 2019

Cyprus Is Dancing In The Rhythms Of… EU OPEN BANKING!

Democritos Aristidou LLC
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Legal awareness or legal literacy helps to promote consciousness of legal culture, helps people to realize their rights, duties and entitlements, empowers people to demand justice, accountability and effective remedies at all levels, ...

CyprusFinance and Banking
Christiana Aristidou
Christiana Aristidou
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Legal awareness or legal literacy helps to promote consciousness of legal culture, helps people to realize their rights, duties and entitlements, empowers people to demand justice, accountability and effective remedies at all levels, and encourages and promotes participation in the law making.

On the 13th January 2018, Open Banking services came into force in Europe through the introduction of the Payment Services Directive II (PSD2) which requires banks and other financial institutions to share data with third party financial providers.

This new directive on payment services in the internal market updates the existing legal and regulatory framework for payment services in the EEA by taking into account, among other, the current fintech environment, new types of payment services in the card, internet and mobile payment markets, new technology players in the financial services market and their impact on the incumbents as well as the impact of their innovative

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