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41% of EU banks fail to meet important PSD2 deadline

A survey of 442 European Union (EU) banks conducted by the Swedish open banking platform Tink has found that 41% of EU banks have failed to provide a testing environment or sandbox for third-party service providers by the deadline set by the EU’s Second Payment Services Direction (PSD2). It is worth noting that the number of banks fulfilling this requirement exceeded 80% in Belgium, Germany, Finland and Sweden. The number of banks fulfilling this requirement in Denmark, France, Norway and Spain banks was well below 50%.

These results have many involved in getting open banking off the ground in the EU concerned that the next deadline in September will also not be met by many banks, meaning increased costs for many third-party service providers, possible fines for banks and increased barriers to providing consumers with the better services they expect and demand.

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