Online banking directives are to be reviewed by the European Commission, it has been revealed.
This comes as part of an effort by the European Commission to update its online banking directives, taking technological changes and advancements into account.
The European Commission plans to improve online banking competitiveness and put a better structure in place to regulate financial services across Europe, in particularly banking and lending institutions.
The internal market commissioner at the European Commission said he was personally committed to ensure that the online banking directives that are to be adopted "fulfil their objectives and improve the functioning of the single market".
Charlie McCreevy further said: "Should the evidence prove that this is not the case, we will not hesitate to take decisive action."
The online banking directive, called the E-money directive, was launched when online banking and online trade experienced a boom.
However, since its launch the market and technological developments spurred growth, and the European Commission now feels that now is the time to renew the systems of online banking.
European Commission to review online banking
Financial Services > e-banking > Banking news
European Commission to review online banking
Fri, 22 Jul 2005
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