Three ways instant payments matter for European Consumers and Businesses The European FinTech Association (EFA) fully supports the European Commission’s vision for retail payments including a competitive, innovative payments market. Making instant payments the new norm and promoting fair and equal access to critical infrastructure is key to achieving a truly competitive payments landscape. FinTechs are often the first to adopt innovation in payments such as instant payments to their customers. As conversations at the EU level progress on how to achieve instant payments, it’s important to remember how faster payments benefit Europeans. Why do instant payments matter? 1. Instant payments significantly reduce customer worry and increase financial inclusion In today’s digital age, convenience and speed is key for consumers. One of the most common questions financial institutions hear from customers is: where is my money? When payments are slow, customers worry their money is lost. The difference between receiving a payment day, hours or even minutes faster reduces worry,… Read More »EFA responds to European Commission’s Consultation on Instant Payments
The European FinTech Association (EFA) has today published its position paper on a European action plan for a comprehensive Union policy on preventing money laundering and terrorist financing. The paper highlights key considerations around issues relating to Digital Identification, Third-Party Reliance, Account Information Service and Payment Initiation Service Providers, and Cooperation among Financial Intelligence Units (FIUs). The EFA believes that anti-money laundering rules play an important role as they constitute a key regulatory framework for the activities of FinTechs across Europe. Please find the EFA’s position paper here.
The European FinTech Association (EFA) has today published its position paper on a enabling interoperable digital identification in the EU. The EFA fully supports the European Commission’s aim to enable interoperable digital identification across the EU, which will allow consumers to access digital financial services quickly and easily by 2024. Digital identification methods benefit the consumer, the service provider, but also the regulator. Eliminating this cross-border barrier will enable European FinTechs to scale-up more quickly and efficiently. Please find the EFA’s position paper here.
The European FinTech Association (EFA) published today its position on a European Payments Strategy. The EFA fully supports the European Commission’s vision for retail payments including safe, fast and reliable payment services to European citizens and businesses and a competitive, innovative payments market. The EFA welcomes new alternatives to existing payments solutions available in the European Union, which can lead to competitive payments landscape in the EU. Please find the EFA’s position here.
The EFA has sent a joint letter, together with several other industry associations representing Payment Service Providers, to the European Data Protection Board (EDPB) on the planned EDPB Guidelines on the interplay between the second Payment Services Directive (PSD2) and the General Data Protection Regulation (GDPR). Both, through its individual response, and via this joint statement, the EFA and other industry players wish to express common concerns, to ensure coherence not only between the GDPR and the PSD2, but also with the Regulatory Technical Standards on Strong Customer Authentication and Common and Secure Communication. Please find the Joint Industry Associations’ Letter on EDPB Guidelines on PSD2 and GDPR here.
BRUSSELS, 24 September 2020 – The European FinTech Association (EFA) welcomes the just-released EU Digital Finance and Retail Payments Strategies. The emergence of FinTech has transformed the way consumers interact with their finances, by giving them more transparent and accessible information about their finances and by providing a wealth of innovative new products and services to use. As European Fintechs we believe all European consumers should be able to benefit from affordable and innovative financial services solutions – but cross-border barriers remain. Today’s release of the EU Digital Finance Strategy takes a clear step forward to tearing down these barriers and completing the Digital Single Market for financial services. For example, facilitating digital onboarding will make it easier for consumers to make use of these new products – no matter which EU country they live in. In addition, harmonised one-stop shop licensing and passporting rules for a broad range of digital finance activities will spur innovation and give important legal… Read More »With its new Strategy, Europe paves the way for digital finance
The EFA has provided its comments regarding Guidelines 06/2020 on the interplay of the Second Payment Services Directive and the GDPR. The EFA welcomes the Guidelines’ clarification as to the lawfulness of processing data for other purposes than the ones set out in the PSD2 (see below under 1). However, in EFA’s opinion, the Guidelines need to further clarify technical measures and information requirements in regard to data of Silent Parties. Please find the EFA’s input here.
The EBA issued a public consultation on revised money laundering and terrorist financing (ML/TF) risk factors Guidelines as part of a broader communication on AML/CFT issues. This update takes into account changes to the EU Anti Money Laundering and Counter Terrorism Financing (AML/CFT) legal framework and new ML/TF risks, including those identified by the EBA’s implementation reviews. These Guidelines are central to the EBA’s work to lead, coordinate and monitor the fight against money laundering and terrorist financing, explained in the accompanying factsheet. Download EFA’s consultation input on EBA’s Draft Guidelines (PDF) here
Gathering leading FinTech companies supporting European citizens and businesses, the newly formed European FinTech Association will engage proactively with European stakeholders to forge a truly digital financial services agenda. BRUSSELS, 16 June 2020 – In the last decade, financial services have been revolutionised by the introduction of tech-based solutions. Today, consumers and businesses benefit from new, innovative financial products and services and are empowered to choose what’s right for them thanks to more competition in the market. Following the European Commission’s ambition for a new digital finance strategy and in light of the extraordinary circumstances consumers and businesses are facing, FinTechs are uniting to launch the European FinTech Association (EFA). EFA is the first not-for-profit Brussels-based organisation representing over twenty leading FinTech companies of all sizes, from across Europe. The Association brings together the previously established EFAlliance and FinTechs4Europe to give one voice to European FinTech players. The Association unites a diverse group of FinTech providers ranging from payments, to… Read More »European FinTechs join forces and launch European FinTech Association
The European FinTech Association (EFA) calls for: EU-wide harmonization of digital identification methods• Minimum set of qualified methods and criteria for the digital identification of customers need to be accepted EU-wide• Facilitating third party reliance via mutual recognition of AML-compliant identification procedures across EU member states is key for safe and convenient KYC procedures. The design of applicable “suitable safeguards” as described by recital 35 AMLD should be conclusive on the European level Transsectoral approach for mutual recognition of ID-levels between different regulated sectors• “eIDAS” Regulation (EU) No. 910/2014 and use of Qualified electronic signatures (QES) could provide for identification standard that facilitates interoperability of digital identities across industry sectors, including banking, health, mobility, public and telecommunication More regulatory guidance regarding application of AML rules to new regulated services, e.g. via circulars or guidelines Re-consideration of AML Rules for Account Information Service and Payment Initiation Service Providers Harmonization of Suspicious Transaction Reporting and improving the cooperation between the FIUs according… Read More »AML position paper