Fintech, Access to Data, and the Role of Competition Policy
In V. Bagnoli (Ed.), Competition and Innovation, São Paulo: Scortecci, 2018.
12 Pages Posted: 30 Jan 2018 Last revised: 21 Jun 2018
Date Written: January 22, 2018
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.
Keywords: Competition Law, Payment Services, Fintech, Data Access Regime
JEL Classification: D43, D47, K21, K24, L1, L42, O33
Suggested Citation: Suggested Citation