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She highlights:
“From a consumer protection and market integrity perspective, we have a real interest in the Open Banking Implementation Entity’s successful delivery of the CMA’s Open Banking API requirements and wider adoption of APIs by the industry.
“Customer communications should be balanced, and not seek to dissuade customers from using third party AIS or PIS providers through their communications or terms and conditions.
“We welcome the development of industry arrangements designed to facilitate the successful delivery of PSD2 objectives (including voluntary guidelines and dispute management system).
“We will be looking to see that firms’ culture prioritises treating customers fairly, and doesn’t take inappropriate advantage of ill-informed, naïve or vulnerable consumers. “
Karina McTeague concludes:
Trust
“PSD2 is an opportunity for banks to demonstrate their trustworthiness to their customers - and to consumers generally. But trustworthiness is not a matter just for banks. It’s a matter for all players in the payments ecosystem. Perceptions are also shaped by how these new services are portrayed in the media.
“The payments and retail banking sectors are so inter-linked that where one player’s reputation is compromised, it affects the reputation of the ecosystem as a whole. Every firm in the ecosystem has a vested interest in each other ensuring good customer outcomes and market integrity, and helping educate and inform consumers through consistent and balanced messages.”
Opportunity
“The opportunities offered through PSD2 and Open Banking are undoubted. But they depend on the inherent risks being effectively managed. Those risks can best be managed by the retail banking and payments sectors working together.
“This co-operative industry leadership is an important step towards helping consumers understand and build trust in the new services on offer, and realising the opportunities that PSD2 and Open Banking present.”