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EACB is concerned with the side effects of the ideas proposed which could be specially relevant for co-operative banks since, with more than 200 million customers in Europe, they devote a large part of their business portfolio to retail business for which payments are essential.
Under the proposed revision of the Payment Services Directive, non-banks (called third party providers or TPPs) will get access to the accounts of bank customers. They will be able to initiate payments and to provide payment instruments that can be used on these accounts.
On their side, banks will have the obligation to provide them with information on the availability of funds on their customers accounts and execute the payments initiated by these non-banks. While co-operative banks could see an added value in having such parties providing innovative payment offer to bank clients, they are concerned about the way the proposal is presently drafted.
“Banks will have to have 'blind faith' as regards the instructions provided by these non-banks which interfere with the relationship between the consumer and his/her bank, and will have no tools to protect their customers’ data and interests”, said Hervé Guider, General Manager of EACB.
Co-operative banks consider that, in order to preserve the security and welfare of end-users (above all the consumers), the revised PSD should incorporate provisions clearly determining the liabilities of TPPs and foreseeing the ability of banks to request from such non-banks an agreement aimed at covering the risks that their intervention generates in the payment transactions.