Lack of “open banking” work insurance in Portugal – Banca & Finanças
While open banking is a reality in Europe, in Portugal the reality is different: created by the revised Payment Services Directive (DSP2) to revolutionize banking services, and almost four years after the transposition of the Community diploma, open banking is arrive very slowly in our country.
The news is from Public Thursday, who is still authorized to be responsible for licensing that the authority responsible for licensing by the Bank of Portugal (BdP) has not provided any account information provider on accounts or payment initiation service providers.
The process does not progress because of professional liability insurance, which is not yet available in Portugal. “In contrast to third-party services, there are more than 400 entities of the kind authorized in the agency, advance payment services that in contrast to the third-party market are available, advance payment services that in contrast to the third-party market The TPP (English acronym for Third Party Initiation) are available, the newspaper said, through technological solutions for payment initiative (PIS) and account information (AIS, Account Information Service).
These fintechs will have difficulties in obtaining authorization from the Bank of Portugal (BdP), after which they can offer more competitive solutions in the fields of online payments or credit solutions.
Another facet of open banking, the aggregator of customer accounts for various banking applications (although the person responsible for accounts in banking institutions), is no longer in the Portuguese market, says Público.