European Union Invade Banks

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With the reports of suppression and rigid management in financial technology, you would be of the belief that the government has issues with financial technology companies, but this is not true in Europe.

It has been authenticated by European Union officials that the banks in different countries have been invaded in recent times and this also includes other European countries like Poland and Netherlands to investigate trust issues between the banks and the technology companies.

There have been numerous rumors that the banks have been preventing financial technology companies from getting a hold of their customer accounting information even though the customers have given permission and this has forced people back to common dispensation which is very stifling.

A Cause For Investigation

The raid was to investigate the banks on the rumors that they have been hindering the financial technology companies. The European Union emphasized the statement saying that the raid was just an elementary stage and that it is not a demonstration of guilt, so there is need to be concerned.

Whichever way the investigation on the banks goes, it is not an unforeseen circumstance.

In 2016, Germany administered a rule with restrictions that point to the fact that banks were violating laws that have to do with data services of customers. There are several other countries in Europe apart from Germany that also have this issue. The European Union has also stated that by January 2018, rules that demand third parties be given access to data from the banks with the approval of the customers will come into effect. This rule will be like laying down foundation; the banks will also have no other prerogative but to give its customers access to the financial services they want