PSD2 and the Regulation of Data-Based Innovation in Retail Banking: A European Perspective

6 October 2021

Directive (EU) 2015/2366 on payment services (PSD2) is the cornerstone in the EU’s regulatory framework for retail payments. Adopted in 2015, PSD2 paved the way to what is known today as open banking – provision of innovative financial services by non-banking providers using consumer data. Despite addressing the issues of uneven-playing field and consumer protection, and the aim of PSD2 to facilitate innovation, enhance trust and consumer control over their own data, a number of challenges remain. Problems of technological interoperability and obstacles to cross-border provision of services persist, and prompt a critical review of the current regulatory framework. The lecture will guide participants through the core elements of PSD2, focus on the consumer payment account data sharing and the interplay between PSD2 and the General Data Protection Regulation (GDPR), outline the main regulatory challenges and discuss the recent proposals to revise the current framework.

About the Speaker

Nikita Divissenko is a research associate at the Florence School of Banking & Finance and a Ph.D. candidate at the Law Department of the European University Institute (EUI) in Florence, Italy. He holds LL.M degrees in European law from Leiden University and in International, European and Comparative law from the EUI. Nikita is a member of the Estonian Bar Association since 2014 and has been practicing law in the area of banking and finance prior to joining the EUI. His Ph.D. project focuses on the regulatory challenges in open banking and digital finance, and his research interests include regulatory theory, law and economics, financial inclusion, anti-money laundering and payments law.

Enquiries: Flora Leung at