Open banking, standardization and non-discrimination access: European Union initiatives to improve the efficiency of the payment market

The issues of financial inclusion and efficiency of payments market are being debated. This interest may be explained by the willingness to lower the costs of products and services (for example, remotely), and manage to keep and increase savings. Governments are interested in financial inclusion as they look for more clearing and settlement transparency. As to the economy in general it benefits from lowering costs and increasing competition. In this paradigm the lack of access to the high-quality financial services can be seen as denial of human rights. It is impossible to get benefits and take part in the economic activities. Therefore, the financial regulator will face the choice: either regulate tariffs directly, or create conditions that will maximize market competition. In order to solve these problems European Union decided to implement the principles of "open banking" and non-discriminatory access to accounts. EUDirectives are seen as the first steps taken to solve these problems.