26 October 2022

Commenting on the EU’s instant payments proposal, the Chair of the Open Finance Association, Nilixa Devlukia, said:

“We welcome the European Commission’s proposal to improve instant payments across Europe.

“Instant payments and open banking go hand in hand. Together, they create an alternative payment method in fast-moving sectors, like e-commerce or investment, which can compete with established methods like cards.

“We are very encouraged to read the Commission’s proposal, which understands that instant payments must be available to every European. They cannot be a premium feature, offered at a high cost to only a small number of consumers, as they are today. At the same time, more must be done to make sure that payments work seamlessly across European borders, to help create a true Single Market.

“Today’s proposal is a firm step in that direction. We look forward to working with our partners in EU institutions and in industry to create an instant payments framework that will enable the next generation of payments and a thriving open finance ecosystem.”