Open finance and payments

EESC opinion: Open finance and payments

Key points


  • recommends that the role of the supervisory authorities of the host Member State should be extended and should include more powers with regard to payment institutions that carry out their activities by exercising the right of establishment and the freedom to provide services;
  • proposes a range of measures to strengthen consumer protection against new types of fraud and scams:
  • a clear definition of the concept of "gross negligence", "authorisation" and "suspected/actual fraud";
  • arrangements that clearly define liability in such cases of fraud and/or scams;
  • the definition of a strict framework for sharing responsibilities between payment service providers (PSP), payers and payment recipients, involving other participants in the payment chain;
  • a requirement for increased monitoring of transactions by payment service providers;
  • a requirement to invest in the establishment of means to identify fake websites and fake IBANs used by fraudsters;
  • an obligation on payment service providers to participate in alternative dispute resolution mechanisms;
  • the legal means for PSPs to suspend payment services in the event of suspected fraud;
  • the provision of adequate training for PSP staff in this regard, as well as steps to promote user awareness of how to use payment instruments properly, ways to detect fraudsters/scammers, and what to do in the event of fraud/scams.

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