If memory serves it's an EU directive meant to decouple handling of money from access to banking information by forcing banks to provide APIs that third parties

If memory serves it's an EU directive meant to decouple handling of money from access to banking information by forcing banks to provide APIs that third parties can use on a bank customer's behalf. So you can grant an app permission to see a live view of your account balance, for example. Not sure what applications the lawmakers have in mind. Credit rating seems like an obvious application. It would maybe make it easier to circumvent credit cards for money transfer, maybe? I suspect there's a lot of hand-wavy "startups will figure something out"