Dutch banks will hand over their customers’ account details to companies like Google and Apple if their customers give them permission to do so, thanks to new payment regulations agreed by the European Council and the European parliament.

The aim of the PSD2 regulations is to allow non-banks to offer payment services as well as e-commerce, gift cards and loyalty schemes, bill payment services, mobile wallets and direct debit payments. Officials hope this will boost competition.

‘The European Commission has said consumers are in charge. If they want us to share their information with third parties then that is what we will do,’ Piet Mallekoote, the head of the Dutch payment organisation Betaalvereninging Nederland, told the Financieele Dagblad.

Banks have long resisted change, arguing that it is a form of unfair competition. They are also concerned about client privacy and security issues, the FD says. ‘If we have to do it, it must be done as efficiently as possible,’ Mallekoote said.

It is still unclear how much this will cost the banks, who will have to build an interface in order to do so. That should be completed by 2018.

A number of technology firms are developing their own banking systems. Google already has a licence to offer payment systems in Europe. Apple is known to be working towards one as well.

‘If the banks don’t do anything innovative they will end up as a sort of back office and in 10 years’ time, all payment traffic will be in the hands of others,’ Mallekoote told the FD.