EFA response: EU Single Market Strategy 2025
The European Fintech Association (EFA) would very much welcome a new European Commission strategy to reduce fragmentation, reinforce the eorts to complete the EUs Single Market and reduce the overall regulatory burden on the market. The EFA has been actively supporting the development of a robust (Digital) Single Market,which would benefit all businesses, including financial […]
Joint Industry Letter for Effective and Efficient Fraud Prevention in Europe
Brussels, 10 June 2024: As representatives of the digital payments and technology sectors, we would like to express our appreciation for the ongoing work on the EU Payments Package. The EU Commission’ draft proposal for the Payments Services Regulation (PSR) already includes provisions to prevent and mitigate fraud risks, such as verification of payee for […]
EFA view on virtual IBANs
The EFA is pleased to observe the ongoing work of the Council of the EU regarding the review of the Payment Services Directive and the new Payment Services Regulation (PSRD), and the progress made with regards to fraud prevention and mitigation. Recently, we have observed suggestions made regarding virtual IBANs, and would like to bring […]
Joint Statement on the treatment of Merchant Initiated Transactions under the Payment Services Regulation
Under its new proposal for a Payment Services Regulation (PSR), from 28 June 2023, the European Commission reinforced the refund rights for merchant-initiated transactions (MITs). It does so by extending the unconditional refund right under Article 62(1) that exists for direct debits (DDs) to all MIT transactions. In essence, this means that payers would be […]
EFA Position on the Digital Euro Regulation
Introduction The European FinTech Association (EFA) welcomes the Commission’s proposal on the Regulation to establish the digital Euro. The EFA supports an open and competitive payment landscape. If correctly designed, the digital euro could generate new competitive value chains with potential benefits to consumers and businesses. However, whilst the proposal considers that financial exclusion in […]
Joint statement of ETPPA, EMA, EPIF, EFA, and OFA on: AMLR technical trilogues – RECITAL 34 discriminating against European fintechs
Brussels, January 31, 2024: Following up on the joint EU fintech industry statement issued on May 17, 2023 (see here), ETPPA, together with EMA, EPIF, EFA and OFA, are calling on the co-legislators and the European Commission to clarify the compromise text reached on recital 34 of the AML Regulation in the technical trilogues; this […]
Joint industry letter on foreign exchange rate transparency in cross-borderpayments and the use of an aggregated live mid-market benchmark rate
As representatives of the financial services and payments sector, we would like to express our appreciation for the ongoing work on the Payment Services package (PSD3/PSR), which has the potential to greatly improve the functioning of the payments market within the EU and beyond.
Joint Industry Statement on AI Definition
In the wake of the December 2023 political agreement on Artificial Intelligence regulations, financial industry representatives stress the need to safeguard ongoing credit scoring operations from potential disruptions caused by pending technical details around the agreed definition of “artificial intelligence systems”.
Credit scoring is a vital element of the financial sector, providing a way to evaluate an individual’s
creditworthiness based on their financial history and behaviour. This evaluation assists lenders in making well-informed decisions about extending credit or loans.
EFA- ETPPA Joint Position paper on the AMLR
This document presents the European Fintech Association (EFA) and European Third-Party Providers Association (ETPPA) comments regarding the inclusion of PISPs on the AMLR scope.
EFA Sustainability Position Paper
The European Fintech Association welcomes recent initiatives of the EU to encourage sustainability in financial services. We believe fintech, especially the cryptoasset sector, can play an important role in driving sustainable innovation. With the right approach, the EU can empower the cryptoasset industry to drive positive change, foster sustainable practices, and contribute significantly to the green transition.