28 June 2023

Commenting on the EU’s PSD3 / PSR and Open Finance proposals, the Chair of the Open Finance Association, Nilixa Devlukia, said:

“We welcome the European Commission’s proposals to improve the payments and open finance ecosystem in Europe”

“Open banking and open finance are fundamental for the future of finance in Europe. Together, they will further empower consumers and businesses by giving them more freedom and options to use  their financial data and account functions via trusted third parties.”

“We are very encouraged to read the Commission’s proposal for PSD3/PSR, which recognises the need to strengthen the free open banking baseline and to allow the industry to collaborate on value-added services which generate a return on investment for all parties. This approach, combined with the separate proposal for instant payments, will help enable open banking to grow into a seamless pan-European payment solution.”

“Industry and regulators should also continue working together towards harmonising rules and towards better implementation of API standards. With open finance, the EU can draw lessons from open banking and create a framework that helps level the playing field in order to deliver new, innovative financial services products and more choice for consumers.”

“Today’s proposals are a clear step in the right direction. We look forward to working with our partners in EU institutions and in industry to create a digital payments and financial data access framework that will help accelerate investment and innovation and position Europe as a leader in the next generation of open banking and open finance services.”