Future of European Fintech – PSD2 Manifesto


We, a coalition of 60 companies and associations operating across all EU Member States and at a global level in the financial services industry, have signed a manifesto seeking the European Commission to make changes to the current draft of the Regulatory Technical Standards (RTS) under the second Payment Services Directive (PSD2). If the RTS which are currently proposed by the European Banking Authority (EBA) are adopted, they will have the potential to negatively impact our companies’ business models, reversing what has been achieved by Fintech companies over the last years in Europe.

We are now drawing closer to the final, crucial stages in negotiations around the RTS. The coalition of 60 companies strongly believes the proposed standards, specifically those in relation to the communication between fintechs and banks on behalf of the consumer, will have a negative impact as opposed to what PSD2 originally intended. The proposed standards will have an adverse impact on competition, jeopardise consumer control over personal financial data, as well as have a critical negative impact on the future trajectory of innovation in Europe. The proposed standards are not only inconsistent with PSD2, but they will also force fintechs to become technologically dependent on banks, positioning the banks as gatekeepers of the fintech sector.

The manifesto outlines our mutual concerns and suggestions as to how the standards should be amended in favour of competition, innovation and consumer choice.

We, the signatories of the manifesto, believe that the EBA’s RTS not only do not reflect the principles laid down in PSD2, but are distorting them by banning such a secure proven technology as Direct Access via the bank’s existing – and well maintained – customer-facing online banking interface. We therefore, urge policy makers to align the RTS with the PSD2 text, so that it no longer forecloses specific technologies, such as Direct Access, and preserves technology neutrality and consumer choice in the payment space.

We engage in this industry-wide and important effort to safeguard the future of the European fintech industry. We do it for the benefit of all European consumers, for continued growth and innovation in e-commerce and for continued European leadership in Fintech.