Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union, recently gave a speech at the European Payment Institutions Federation (EPIF) Annual Conference.
She began by congratulating the EPIF on having represented much of the EU non-bank payment industry for 10 years.
Her speech focussed on: recent changes in the payments market; continuing developments; and how EU rules and regulations could respond to such changes. In particular, she identified the need to provide the industry with the clarity it needs to innovate while simultaneously protecting consumers against risks.
Additionally, she noted that the Commission:
- is looking at the possibility of extending the scope of the Settlement Finality Directive to include e-money and payment institutions;
- is creating a European Digital Identity framework;
- is creating a single rulebook for AML to ensure consistent and coherent rules across the EU; and
- is ready to support work on the digital euro, but appreciates the far-reaching implications that this would have for the financial system.
Regarding review of the Payment Services Directive, providers can expect a consultation in early 2022 which will inform a report by the end of 2022.