LONDON Feb 21 The European Union's banking
watchdog has eased its proposed rules for increasing choice in
how people pay for products and services after the sector warned
of unfair competition.
The European Banking Authority Chairman Andrea Enria said
changes have been made to the watchdog's draft rules that flesh
out the bloc's revised payments services law from January 2018
to prise open a core part of banking to newcomers.
EBA startled the industry last year by proposing that only
payments of 10 euros ($10.54) or less would be exempt from
mandatory "strong authentification", such as the customer
provider a password or fingerprint.
Enria told a conference on Tuesday this limit would be
increased to 30 euros.
"However, we disagreed with a number of comments that
suggested adding further exemptions, such as on corporate
payments," Enria told a Westminster Business Forum conference.
He said the watchdog has also made changes after financial
technology or "fintech" firms said they would have difficulty in
retrieving data from a customer's bank account, giving lenders
an unfair advantage.
"The banks will be obliged to provide both the provider and
customers the same level of access," Enria said.
($1 = 0.9487 euros)
(Reporting by Huw Jones, editing by Louise Heavens)