Banking industry puts forward its vision
for future-driven EU payments market

Banking industry puts forward its vision for future-driven EU payments market

BRUSSELS, 1 April 2020 – The European Banking Federation, together with the European Association of Cooperative Banks and the European Savings and Retail Banking Group, has put forward its vision for the development of the EU retail payments market for the coming years in the paper ‘Payments Policy for Europe: Direction for the next five years’. The paper highlights the three associations’ member commitment to a strong, innovative and competitive EU retail payments market. The paper is intended to kick-start the policy debate to create a well-thought, sensible EU strategy for retail payments, at a time when European decision-makers place more geo-political weight on payments.

The paper highlights the three associations’ member commitment to a strong, innovative and competitive EU retail payments market. A starting point by the trio to kick-start the policy debate to create a well-thought, sensible EU strategy for retail payments, it comes at a crucial time. Over the past year, European decision-makers have placed more geo-political weight on payments. A political push within Europe can help raise the euro’s international role and strengthen European sovereignty vis-à-vis global competitors. The three associations see the strategic value the payments market presents and the urgent need for action it requires. This effort needs a coherent strategy on an integrated and competitive EU payments market as the industry faces considerable challenges on the road to superior, world-class European payment solutions.

The COVID-19 crisis has brought once more to the fore the importance of well-functioning of payment services with European supervisors asking banks  to pay specific attention to this during the containment period. Fully aware of the responsibility placed on their members in ensuring the functioning of payment services, the EBF, EACB and ESBG consider that this responsibility does not only apply in these extraordinary circumstances. It always has and will continue to be important to support Europe’s companies when conducting business and people in running their lives, including when the current situation normalises.

Contacts:

Nahuel Mercedes, Communication Officer, +32 2 508 3711, n.mercedes@ebf.eu

Anni Mykkanen, Senior Adviser, Payments & Innovation a.mykkanen@ebf.eu

About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.