Google, tech firms may benefit further from new EU open-access data rules

7 July 2019 10:06am
Apple, Google, Facebook and other tech firms may benefit further from new EU open-access data rules after a European Commission official suggested that energy, telecom and mortgage providers as well as incumbent banks could be forced to release customers' data.

The EU payment-service laws are meant to open up competition by allowing startups to offer payment services that use incumbent banks’ information. But Eric Ducoulombier, head of unit for retail financial services at the EU's executive arm, said they could even go beyond financial services, to data-rich industries such as energy or telecommunications.

The rules in the second payment services directive, PSD2, had been a “game-changer,” he told a conference* in Brussels today, but only applied to payment accounts.