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Spanish banks have until 2020-end to implement EU payment rules

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Spanish banks have until 2020-end to implement EU payment rules

Spanish lenders will have until the end of 2020 to implement new EU payment rules, financial daily Expansión reported.

Sources said the Bank of Spain had agreed to the deadline based on a recommendation from the European Banking Authority, according to the Oct. 17 report.

It gives a grace period of 15 months for banks to fully implement the new rules, slightly shorter than the 18 months initially requested by the sector, the report said.

The second European payment services directive, or PDS2, which obliges banks to provide third parties such as financial technology firms with access to customer data, came into effect in January 2018, but not all EU member states have finalized implementation.