EU Payments & Fintech Initiatives
European Union
2019
Payments
Overview
The European Union has implemented a series of payments and fintech-focused initiatives to promote innovation, consumer protection, and financial stability across member states. These initiatives are anchored in regulatory frameworks like the Payment Services Directive (PSD2), Instant Payments Regulation, and Digital Finance Strategy introduced by the European Commission.These efforts aim to foster secure, fast, and interoperable payments across the EU while enabling a competitive environment for fintech firms, banks, payment service providers, and digital platforms. They also encourage open banking, digital ID adoption, and real-time payment infrastructure aligned with SEPA and ECB goals.
Key Obligations
- Enable open banking by allowing third-party access to account data with customer consent
- Comply with strong customer authentication (SCA) for digital payments
- Ensure 24/7/365 real-time payments under the Instant Payments Regulation (by 2027)
- Adopt EU-wide APIs and common technical standards for payments and fintech integration
- Participate in cross-border payment interoperability initiatives under SEPA
FAQ
Related Regulations
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