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EU raids banks over attempts to block financial tech rivals

The EU stresses that the raids quantity to a “preliminary step,” and that they are not proof of guilt. With that in thoughts, there’s no less than motive to be cautious. Germany dominated in 2016 that financial institution restrictions on buyer knowledge entry had been violating its competitors legal guidelines, and it stands to motive that it isn’t the one European nation with that subject.

Wherever the investigation leads, it isn’t popping out of the blue. EU guidelines coming into impact January 2018 would require that banks give third events entry to account knowledge along with your consent. Consider this as laying groundwork — it is a not-so-friendly reminder that banks will quickly don’t have any selection however to allow you to use the fintech providers you need.

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