Short Reads

National Forum on the Payment System Publishes Guidance about Account Information Services

National Forum on the Payment System Publishes Guidance about Account

National Forum on the Payment System Publishes Guidance about Account Information Services

03.06.2020 NL law

The Dutch National Forum on the Payment System (Maatschappelijk overleg betalingsverkeer - “MOB”) has published guidance on the transparency requirements for account information services providers (“AISPs”), a specific payment service regulated under PSD2. 

The MOB is a forum established by the Ministry of Finance consisting of various governmental and industry stakeholders. The MOB meets twice a year to discuss the developments and challenges in the payment industry.

An account information service is a new kind of payment service introduced in the second payment services directive. An account information service is an online service to provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider. Currently, several companies have a license from the Dutch Central Bank that allows them to provide account information services. Additional to financial regulatory requirements AISPs need to comply with strict privacy requirements when offering the service.  

In its most recent meeting, the MOB agreed on several good practices regarding account information services. The MOB would like AISPs to provide customers with answers to the following seven questions:

  • Who requests access to my account information? How is the service regulated?
  • Which service that requires my data does the AISP offer?
  • Which data from my payment account will the AISP use?
  • What else does the AISP use the data for?
  • Which data will the AISP share with which third parties and for what purpose?
  • Where and how can I withdraw my previously given consent?
  • Where can I find additional information?

The MOB stresses that the AISP should answer using concise, transparent and comprehensible language. Furthermore, the AISP should ensure that its customer sees the answers before he/she authorises the AISP to access his/ her payment account. By doing so, the MOB hopes to stimulate customerds to make use of account information services. The MOB notes however that providing the abovementioned answers does not affect an AISP’s transparency obligations under the General Data Protection Regulation (GDPR), as those requirements are more comprehensive.

Go to Stibbedigital.com

Team

Related news

28.07.2022 NL law
Purely commercial interest also a legitimate interest? Council of State leaves the question unanswered.

Short Reads - On 27 July 2022, the Council of State confirmed that the Dutch Data Protection Authority wrongly imposed a €575,000 fine on VoetbalTV. But the Council did not answer the question whether the AP rightly or wrongly believes that a purely commercial interest cannot be a legitimate interest within the meaning of the General Data Protection Regulation.

Read more

21.07.2022 NL law
Dutch Supreme Court decides against the pledgeability of non-transferable claims

Articles - Lawyers occasionally wonder how the law ended up as it is. We had that experience after the Dutch Supreme Court’s decision of 1 July 2022 (Rabobank/Ten Berge q.q.; ECLI:NL:HR:2022:984), regarding the possibility or impossibility of pledging a claim. The Supreme Court decided that claims that have been made non-transferable under property law in a contractual agreement between a creditor and a debtor, cannot be pledged either.

Read more

28.07.2022 NL law
Zuiver commercieel belang ook gerechtvaardigd belang: Raad van State laat zich er niet over uit

Short Reads - Op 27 juli 2022 heeft de Raad van State bevestigd dat de Autoriteit Persoonsgegevens onterecht een boete van € 575.000 aan VoetbalTV heeft opgelegd. De hoop bestond dat de Afdeling antwoord zou geven op de vraag of de AP terecht of onterecht meent dat een zuiver commercieel belang géén gerechtvaardigd belang kan zijn in de zin van de Algemene Verordening Gegevensbescherming. Het antwoord op deze vraag blijft echter uit.  

Read more

27.07.2022 NL law
Registratie UBO's in het UBO-register: terugmelding, handhaving en sanctionering

Short Reads - Vennootschappen en andere juridische entiteiten hadden tot 27 maart 2022 voor de registratie van hun UBO’s (ultimate beneficial owners) bij het Nederlandse UBO-register. Het voldoen aan de UBO-registratie blijft actueel. Het overtreden van bepalingen betreffende de UBO-registratie kan terugmeldingen, handhaving en sanctionering tot gevolg hebben.

Read more