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ARTICLE · 06 MARCH 2019

PSD2: Legal Issues In Open Banking (And GDPR!)

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Directive (EU) 2015/2366 (the so-called Payment Services Directive2 or PSD 2) has contributed greatly to the consolidation of the European payment services market and, as a consequence,

European UnionFinance and Banking

Directive (EU) 2015/2366 (the so-called Payment Services Directive2 or PSD 2) has contributed greatly to the consolidation of the European payment services market and, as a consequence, to the growth of open banking in the EU. In Italy, PSD2 has been implemented by the Italian Legislative Decree 218/2017, published in the Official Journal on 13 January 2018 (Legislative Decree).

Open banking is generally defined as a system of technologies that allow consumers to access traditional banking or financial services and products through the use of digital means and tools, such as apps, web platforms, software and the like.

PSD 2’s provisions contributed to the rise of open banking by breaking down banks’ and financial services’ consolidated monopoly on the use of customers’ data for making payments, investments and managing money, both online and offline.

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