Payment Services Directive 2 Requires the Sharing of Consumer Banking

question 14

True/False

Payment Services Directive 2 requires the sharing of consumer banking data with third parties when authorized by the customer, meaning it creates access to personal data, whereas the General Data Protection Regulation focuses on protecting the data.

---

Definitions:

Income

The financial gain acquired through work, investments, or through the conduct of commercial activities.

Consumer Equilibrium

A state where an individual's consumption choices provide maximum satisfaction or utility given their budget constraints.

Total Utility

The overall satisfaction or happiness a consumer derives from consuming a certain amount or combination of goods and services.

Olive Oil

A liquid fat obtained from olives, a traditional tree crop of the Mediterranean Basin, used in cooking, cosmetics, and as a fuel.