The European Commission concluded two unannounced “raids” against banks in Holland and Poland to make sure the institutions were not restricting consumer data access to third-party providers such as fintechs.

The inspections were conducted to make sure the FIs were in compliance with EU antitrust rules, which now prohibit banks under that jurisdiction from banning competing services from accessing online bank account information.

The Commission’s actions come during the dawn of PSD2, a regulation aimed at creating an open banking ecosystem built off of APIs and other technologies that would make sharing customer data de rigueur for financial service companies.

Read more at Finextra and the Financial Times (Paywalled).