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Potential impacts of the European Union payment services package and financial data access proposalson the financial services ecosystem in the EU

Salkin, Matthieu
(2024)

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SALKIN_02012101_2024.pdf
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Details

Supervisors
Kolp, Manuel
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion, à finalité spécialisée
Abstract
This thesis explores the impact and future implications of the upcoming payment services directive (PSD3) and payment services regulation (PSR) alongside the financial data act (FIDA) within the European Union's financial services sector. Building on the lessons learned from PSD2, which aimed to foster innovation and competition but encountered several issues, this research evaluates the potential impact of PSD3, PSR, and FIDA in effectively addressing these challenges and further promoting innovation and competition in open banking and open finance. Insights are gathered from qualitative interviews with industry experts across various EU countries, including representatives from banks, third-party providers, fintech companies, and regulatory bodies which are used to assess the impact of regulations on innovation, competition, user experience, and risk in the payments sector and the financial services industry. The hypotheses address the impact on stakeholders of PSD3/PSR and FIDA on innovation, competition, consumers and risk. Findings suggest that while PSD3 and PSR are likely to maintain the status quo, except for security and for TTPs regarding the offering of better services, FIDA will drive significant innovation and competition, albeit with higher associated risks. Overall, this research contributes to the understanding of regulatory impacts on financial innovation, offering a foundation for future studies and providing strategic recommendations for stakeholders to adapt to these regulatory changes.