Discover and read the best of Twitter Threads about #PSD2

Most recents (8)

According to the German Consumer Federation, the EU's #psd2 directive turned bank transaction data into a commodity and created a 'pipeline' for data flows to fintechs and other parties without much oversight.

Statement and report:……
While banking regulators are pushing for competition, oversight about data protection and consumer privacy is missing.

The VZBV is thus calling for stricter rules, better enforcement, the #psd2 evaluation should focus on data protection.

Position paper:…
Specifically, the sphere of licensed #psd2 intermediaries and API providers who may share data with non-licensed parties raises many questions.

They also warn that 'consent' may become an illusion when sharing bank transaction data with e.g. landlords or telcos becomes the norm.
Read 6 tweets

How it started How it’s going
"The PSD2 'Open Banking' regulation has forced banks to open up consumer data via APIs..." that companies can now exploit yet another category of personal information - bank transaction data - for marketing surveillance (and credit assessment etc).
I disagree. Practically, most people won't get "power over their banking data". In most cases, predatory data and fintech companies will get power over their banking data.
Read 5 tweets
El 1 de enero llega a nuestros #ecommerce el pago online con SCA (Autenticación Reforzada de Cliente), una medida que puede cambiar mucho el cómo pagamos online y generar fricción (y abandono) en el proceso. Afectará a la #ux y al #cro.

¿De qué va esto? Vamos a ello 👇
La #SCA es una medida parte de la normativa #PSD2, una nueva regulación europea sobre los servicios de pago, lo que afecta y mucho al ecosistema digital.

Aquí podéis ver la normativa europea >…

Aquí la española >…
Aunque es un conjunto de medidas muy amplio, hay varias que afectan de manera directa a como van a funcionar los medios de pago en #ecommerce.

Un buen resumen, claro y accesible, podéis verlo aquí…
Read 15 tweets
Auf unsere Recherchen über die geheimen Pläne der #Schufa reagiert die Auskunftei mit einem Kommentar des Sprechers Ingo A. Koch. Er schreibt über „pseudo-investigative und konstruierte Skandale“, die „auf Reichweitengewinn“ ausgerichtet seien/1…
In monatelanger Recherche haben wir Belege zusammengetragen, dass die #Schufa in Zukunft Kunden auch anhand ihrer Kontoauszüge beurteilen will. Bei einem ersten Test mit @o2de bat die Auskunftei um eine folgenschwere Einwilligung… /2
Datenschützer, Verbraucherschützer wie @Klaus_Mueller @vzbv und Politiker wie @NowaboFM @lisapaus reagierten mit heftiger Kritik. Ebenso wie zahlreiche Verbraucher /3…
Read 12 tweets
1/14 Since many people have forgotten about @DMMDAO, quick reminder and my thoughts/reason I'm bullish on it:
DeFi right now is still only focused on crypto-native assets. We have lending/borrowing, liquididity providing and margin trading only mainly of crypto-assets.
2/14 hile a handful of these Defi projects are innovative/have substance, a lot of them are quite simple copies of the same concept and we are still limiting the space by not opening up to traditional finance, it's liquidity and assets. A handful of DeFi projects simply only have
3/14 value because of an euphoria rush created by the leading DeFi's, but have severly inflated marketcaps due to governance tokens on promised and projected potential revenue streams. A slight pullback of that demand brings APY's and marketcaps back down rather quickly
Read 14 tweets
1/18 Advice from the heart: Stop being a mere speculator with little control over his own future and become an empowered entrepreneur. The smart contract revolution is here. Let me share an example of how you could create superior products that might generate income/profits.
2/18 @chainlink will provide many entrepreneurial opportunities to those that paid attention. A new ecosystem is being built that will become the enterprise-grade standard for corporations to do business with one and each other, and create superior products for their customers.
3/18 Some truly smart people have already undertaken the first steps: projects like @linkpoolio, @Fiewsio, and @clcgio have been some of the first to truly see the underlying potential, and thus have been building upon this new ecosystem. They will profit, and so could you.
Read 18 tweets
Open Banking Thread 1/15

CBPII, The Bastard Stepchild of Open Banking

#openbanking #fintech #cbpii #unicorn
So everyone knows about Account Information Service Providers (AISPs), like @getyolt and @emma_finance

And may be aware of Payment Initiation Service Providers (PISPs), firms that can make payments.

But there's another permission:
Card Based Payment Instrument Issuers (CBPII)
CBPIIs are a rare beast. I've actually never met one. According to @UKOpenBanking there aren't any in the UK, but recently i heard from @TheFCA that they do exist (But they couldn't give any details to protect the confidentiality) of the firm involved.
Read 15 tweets
The EU's #PSD2 law opens up bank-held customer data to registered 3rd-party firms. Based on 'consent'.

Now Experian, the large credit reporting agency & data broker, has been accredited as PSD2 data services provider.

I don't really feel good about PSD2:…
I mean, *open* banking and portability and consumer choice, sounds great, right?

Basically it's like Facebook apps, but for banks. Will people sell away their financial data?

I'm less worried about unauthorized access. Will PSD2 normalize consumer scoring based on payment data?
Don't know, is there a list of companies that have already been registered as AISPs across the EU? Large platforms? Retailers? Fintechs?

I came across 'TrueLayer', they provide a PSD2 'open banking' API and state that they are authorized by the UK's FCA.
Read 7 tweets

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