Date: 2nd August 2022

BETTER FINANCE answer to the European Commission's consultation to gather evidence for the PSD2 review and to inform its work on open finance.

In the light of this informative consultation on open, BETTER FINANCE advocates that consumer data should not be retained beyond what is strictly necessary to provide the service and should then be deleted – or at least easily revoked by the client, and flags general principles to be considered.

With regard to the revision of the PSD2, BETTER FINANCE is in favour of clearer transparency for currency conversion, where the Central Bank rate should be provided as a benchmark. Moreover, 'safety by design' in payment (SCA), along with the need to tackle fraudulent activity online is highlighted for consideration.