Or maybe the headline should really read PSD2, access to accounts, now more commonly referred to as Open Banking, is not just for banks. It should also be noted that UK open banking, that has been launched with the CMA9, is not the same as PSD2 Open Banking.
So who does PSD2 Open Banking apply to?
Well, PSD2 uses the term ‘Transactional Account’ and in the United Kingdom the Financial Conduct Authority (FCA) defines a transactional account in the FCA handbook as a ‘Payment Account’.
So, what we need then is a definition of a Payment Account, which is covered in the FCA regulation 2 as: