Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-10-07-Speech-3-588-000"
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"en.20151007.28.3-588-000"2
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"Madam President, just to record my thanks also to the rapporteur and his team for what was a very tedious and sometimes very technical set of trilogue meetings. This Payment Services Directive creates, in my view, some positive prospects, particularly for small and medium and budding start-up enterprises, by opening up the bank industry to third-party providers. Not only does this opening create possibly more employment and business opportunities but, very importantly, it allows for more consumer choice.
Unsurprisingly, the European Banking Federation has vigorously opposed this directive, and their concerns have been couched under data protection or security fears. But in fact, to me, these issues are for the most part not only unfounded but are actually a ruse to deflect attention from the fact that vested financial interests do not wish to see their current dominant position put in jeopardy.
The impact of the Payment Services Directive (PSD 2) when it becomes law will inevitably lead to increased competition for existing banks: the chance of collaboration for third-party providers on the creation of app stores, for example, leading to increased loyalty between collaborators and consumers and also, in some cases, to banks being cut out of the payment loop.
Crucially, the regulation seeks to strengthen consumer protection and regulate operators who previously functioned with no regulatory or supervisory framework at all, so to speak. All players will now be forced to comply with financial regulation, which is crucial for any economic activity. I will be supporting this directive tomorrow."@en1
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