The agreement comes after negotiations between the Commission, the European Parliament and the Council of Ministers came together but a formal agreement must be finalized before a vote by MEPs and establishment across member states.
According to the parliament’s economic and monetary affairs committee the informal agreement would widen consumer choice by ensuring that a consumer using an online account like a traditional checking account to allow authorized or trusted third party to access the account and to complete transactions on behalf of the consumer.
The continued push by regulators in Brussels to increase regulation within the payments space would eventually have an impact by slowing innovation and growth as revenues decline and costs grow for players.
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