On 13 January 2018, a new regulation for the provision of payment services will come into force in the Czech Republic, introducing the most significant changes to the Czech banking market in recent years.
Newly Regulated Payment Services
This new regulation (Act No. 370/2017 Coll.) has been adopted in the Czech Republic based on EU Directive No. 2015/2366 called PSD 2. It responds to the progress in the area of electronic payments and the development of new types of services caused by the technological boom. The most significant change introduced is that additional payment services – payment initiation service and account information service – allowing third party providers to directly access customer’s bank accounts are newly regulated, and that providers of such services must obtain a license from the Czech National Bank. Continue Reading