Payment service providers to move from traditional banking to open-banking concept

Chisinau, 31 March /MOLDPRES/- A draft law on boosting competition and innovation in industry of payments was voted today in first reading by parliament.

The amendments to the regulatory framework aim at shifting payment service providers from “traditional banking” to “open-banking”, which is a banking practice that gives third-party financial service providers open access to consumer data from banking and non-banking institutions with increased security.

According to the specialists of the National Bank of Moldova, the new regulatory framework will stimulate competition, innovation and diversity in the electronic payments industry.

Thus, the list of activities that fall under the law is extended with two more areas: "payment initiation services", "account information service". At the same time, the non-discriminatory access of providers to existing payment systems is regulated in order to offer them the possibility to carry out their activity without arbitrary and unjustified restrictions.

At the same time, payment service providers will have to notify certain activities to the National Bank of Moldova, in order to ensure a homogeneous interpretation of the rules in the internal market.

The existing regulatory framework in the field of personal data is also adjusted to avoid infringing on the rights of users and providers at the same time.

Photo: bigdataanalyticsnews.com