On 12 January 2016 the revised Payment Services Directive (“PSD2”) 1 came into force. The new law shall give third party payment providers (“TPPs”) full access to their customers’ bank accounts, commonly known as XS2A. The European legislator aims to facilitate internet-related payment transactions triggered at the customer’s request. In turn, TPPs must submit to the supervision of national bank regulators. The new law is expected to lead to a fundamental shake-up of the European payment industry as it deprives traditional credit institutions from their most valuable asset, the data of their customers. (...)
