Parliament adopted a bill to ensure the switchover of payment service providers from “traditional banking” to “open-banking”. This is a bank practice that offers third financial service providers open access to the financial data of consumers of bank and nonbank institutions in conditions of increased safety, IPN reports.

According to the authors, the new normative framework will stimulate competition, innovation and diversity in the electronic payments industry, as specialists of the National Bank of Moldova noted.

The adopted amendments extend the list of activities covered by the law with: “payment initiation services” and “service to inform about accounts”.

Furthermore, the list of violations is supplemented with “violation of the period and requirements for examining the complaints of payment service users”.

The bill is to be given a second reading.