I propose to take Questions Nos. 92 and 97 together.
The revised Payment Services Directive (PSD2) opens the EU payments market to regulated entities offering consumer or business-oriented payment services based on access to payment accounts.
It requires account servicing payment service providers (normally banks) to grant access to payment accounts to these regulated third party providers, known as account information service providers.
An account information service provider can use the access to payment accounts to provide the account holder with aggregated online information for their accounts held with multiple providers. The legislation provides that access to payment accounts is only possible with the permission of the account holder.
The requirement to provide access under PSD2 is confined to payment accounts. Banks themselves may provide account information services to account holders, but they are not obliged to do so.
PSD2 was transposed into Irish law in January 2018 through the European Union (Payment Services) Regulations 2018, and the Central Bank is the competent authority in the State for the purposes of the Payment Services Directive.