The new payment services proposal: the new gold standard?
A reliable, speedy and efficient payments market is the bedrock of a thriving economy where hundreds of billions of euros are being transferred electronically every day throughout the EU. The payments sector is in continuous development, with a new wave of innovations coming onto the market in recent years. At the end of June, the European Commission is expected to publish a new legislative proposal on payment services revamping the Payment Services Directive 2 (PSD2). The new proposal will aim to better align regulation with the new technology and payment solutions already on the market , while also continuing to promote innovation. Its implications will stretch to a variety of issues including strategic autonomy and the future of open finance.
Nevertheless, many questions remain to be answered:
- What role will card networks play in the future?
- What about Big Tech?
- How does the new proposal interact with other EU initiatives such as instant payments and the digital euro?
- Will the new proposal actually promote innovation?
- How would the potential costs of the new proposal be distributed among market players?
On 5 July, CEPS and ECRI will organise what will be one of the first public discussions on the new proposal. Policymakers and industry experts will react to the just published Commission initiative in what promises to be an insightful and engaging debate.
Panel discussion
- Steve Ryan, DG FISMA
- Elie Beyrouthy, American Express
- Linda Strazdina, Board Member, European Fintech Association
- Oleksandra Maksymenko, Revolut
Moderated by Fredrik Andersson, CEPS and ECRI
