EBA Calls on EC to Boost Cross-Border Banking and Payments

EBA Calls on EC to Boost Cross-Border Banking and Payments
31.10.2019 06:37 am

EBA Calls on EC to Boost Cross-Border Banking and Payments

Payments

Cross-border banking and payment services in the EU are being held back by a lack of regulatory clarity and harmonisation, says the European Banking Authority (EBA).

The rise of digital services should help established and newcomer providers reach more people, including across borders, says the EBA in a report developed under its Fintech Roadmap.

However, concludes the report, the promise is not being fully realised within the EU, in part due to divergences in regulatory requirements and supervisory practices across the Member States.

A major problem for firms is the lack of clear guidance on how to even classify cross-border activity under the freedom to provide services or right of establishment.

A second challenge stems from areas of EU law - such as consumer protection, conduct of business, and AML rules - that are not fully harmonised or are not yet covered.

The EBA is calling on the EC to further harmonise rules and to make it easier to identify cross-border services taking account of the digitisation of the FS industry.

Related News

Contactless card PIN limits to increase temporarily to help reduce the risk of COVID-19 transmission

Australian Payments Network (AusPayNet), the self-regulatory body for the payments industry, confirmed today that the payment industry will be increasing the PIN limit for... Read more »

Mastercard enables higher contactless payments across Canada

 Mastercard announced it is enabling the increase of contactless payment limits across Canada, as people look... Read more »

Pannovate partners up with Salt Edge to deliver instant PSD2 compliance

Pannovate, UK’s leading payment and digital banking technology company, has partnered up with Salt Edge, leader in offering open banking and secure customer... Read more »

Xpring Now Supports Interledger STREAM

In December, we announced the launch of xpring.io, a developer site that includes a wallet, tools, services, and documentation... Read more »

COVID-19 Crisis Highlights Need for Real-Time and New Digital Payments Services Around the World, New ACI Worldwide Research Reveals

More than half a trillion real-time payments transactions will be processed over the next five years, according to Prime Time for Real-Time, a new global report from ... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel