Psd3 arrives on the 28th. Our data will be “sold” – Corriere.it

L’an appointment not to be missed, capable of changing the daily habits of the almost 450 million citizens of the European Union. Wednesday of next week, June 28, will be the starting point for a profound transformation of some aspects of the daily economy, which will reverberate on the life of all of us. The European Commission, in fact, will present the rules for the so-called Digital finance strategy, which will implement the large set of Community rules on some aspects of economic life. Under the umbrella of Digital finance strategy the legislation on crypto-assets and the European regulation on cryptocurrencies find space crowdfundingrules that differentiate the European Union from all other areas of the world, the United States of America in particular, where a deregulated approach is favoured, until difficulties arise.

Within this grand vision of Digital finance strategy on 28 June the European Commission will present the draft, which will then be discussed with the interested parties and will have to be submitted to the scrutiny of the community parliament, of three regulations. First of all, the revision of PSD2, which came into force five years ago (it is the European Directive 2015/2366 on payment services in the internal market, transposed by the Italian Parliament on 11 December 2017), which has already been called PSD3.

Then, the rules onOpenfinance, who will focus on how to regulate access to individual citizens’ financial data. This is extremely delicate, given that the sensitivities contained in data such as domestic users, insurance companies and assets assets, which can be made available – exclusively by the will of the owner, or of the individual citizen – also to third parties, with whom the citizen is confronted. Finally, the digital euro and its possible conformation will formally debut, which will then be outlined in the coming months.

Significant impact

Clearly a set of rules of considerable scope. The world of banks, not only Italian, five years ago welcomed the introduction of the so-called PSD2, i.e. the Payment services directive which introduced the obligation to share with third parties (Tpp, third-party provider), free of charge, the data that the credit institutions knew about the activities of their customers. A low blow, capable of undermining one of the major heritages of knowledge kept behind every bank counter.

The objectives that Psd2 had set itself were partially disregarded. And for this reason an update of that directive was necessary, which will be presented next week. Experts say it will be less revolutionary than PSD2 was five years ago, but an overall improvement of the regulations in force is expected, as confirmed by the role of spokesperson for the market, Camilla Cionini Visani, general manager of ItaliaFintech. Our hope – says Cionini Visani – is to see more precise, less high-level indications, which leave less room for the interpretations of individual player. The principle that will be announced on June 28 will in fact then be declined through the Rts (Regulatory technical standards), or measures that can approach the idea of ​​implementing decrees in Italian legislation.

Grounded

On a practical level – says Cionini Visani – we await indications on how the rules will be implemented, in the hope that we can achieve greater uniformity of rules among the various countries of the Union. In these five years, in Italy, the application of PSD2 has often seemed like an obstacle course, while we have seen that in other European countries, such as Sweden, everything has been greatly simplified. It is clear that a non-homogeneous interpretation of the norms, easier to achieve when these are general principles, has subsequently allowed for disharmony within the Union.

The goal to strive for a level playing field, i.e. recognizing the same rules for each operator. Not the same possibility of success, but the application of the same rules to everyone. A cardinal principle of competition protection. Then – continues Cionini Visani -, the hope of all the operators and that we will arrive at a more rapid activation of the principles that will be enunciated. This is also because in the last five years the attitude of the banking system and the relationship of credit institutions with the universe of fintech. The common goal is to achieve greater financial inclusion, with an increase in credit disbursement possibilities, improving access to it, above all thanks to the intervention of non-bank channels, given that a bank’s commitment to finance is subject to increasingly stringent constraints due to industry standards.

A very hot topic, which emerged in a recent conference opened in Milan by the managing partner of Chiomenti, Gregorio Consoli, at the headquarters of law firm, the fee for the transfer of data. If until now these were transferred without any compensation, it seems that the new directive, albeit with some possible caution towards small and medium-sized enterprises, may provide for a fee, within the framework of protocols which should ultimately allow the transfer of homogeneous data, but above all updated, which has not always happened in the last five years.

Subscribe to the newsletter of The Economy

Whatever it Takes by Federico Fubini

The challenges for the economy and markets in an unstable world

Europe Matters by Francesca Basso and Viviana Mazza

Europe, the United States and Italy that count, with innovations and important decisions, but also small important stories

One More Thing by Massimo Sideri

From the world of science and technological innovation the news that changes our lives (more than we think)

And don’t forget the newsletters
The Economy Opinions and the Economy 6 pm