The providers often rely on existing account structures or payment solutions, are not in possession of the customers’ funds at any point during the payment process and primarily want to collect data – not to make a profit from the actual payment transactions. Non-banks offering payment services are currently regulated by the E-Money and Payment Services Directives.
These regulations allow information relating to the performance of a borrower to be submitted to the Credit Reference Bureau. The regulations stipulate that the written consent of the borrower must always be obtained in order to submit credit information to the CRB.