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Open Banking and the Development of Regulation of Payment Services

Publication at Faculty of Law |
2021

Abstract

The article is focused on the development of legislation of payment services up to open banking. Open banking is the new approach of providing payment services, in which the client's account or the information about the client's account becomes accessible for the third party provider with the client's consent, especially in the providing account information service, payment initiation service and service consisting of the confirmation on the availability of funds as part as the issuance of a card-based payment instrument.

The purpose of this article is to generally characterize the development of domestic legislation of payment services under the influence of the legislation of European Union institutions focusing particularly on the regulation of open banking.