The measure targets access to financial data and electronic payments, focusing on strengthening authentication by customers to give them more control over their access to their personal data, and introducing the right to reimbursement by their bank, especially in the case of fraud victims.

Such a way of trading amounted to 240 billion euros in 2021, the statement said.

The package consists of a revision of the payment services directive, which strengthens fraud prevention and compensation, and a new regulation on access to financial data, which seeks to guarantee customers’ effective control over their data.

The lawmakers thus approved the changes to the regulation and the payment services directive. The main objective of the revision was to counter and mitigate payment frauds, allow payment service providers to share fraud-related information with each other, increase consumers’ awareness, strengthen authentication standards, and extend reimbursement rights.

They also aim to level the playing field between banks and non-banks institutions by allowing non-bank payment service providers to access all systems in the European Union.

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