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European Digital Finance Association

EDFA

EDFA objectives are to advocate for better access to modern, more affordable and secure financial services and to enhance innovation in the financial sector by means of emerging digital technologies through promoting technological development, discussing relevant legal changes and supporting innovative business ecosystem that accord with the relevant principles of EU and international law, promote the industry best practices, meet the highest standards of customer protection, transparency, cybersecurity, privacy, and sustainability.

Lobbying Activity

Meeting with Mairead McGuinness (Commissioner) and

28 Mar 2023 · Round-Table on Digital Euro (with EVP Dombrovskis and DG FISMA)

Response to Instant Payments

5 Jan 2023

European Digital Finance Association and its members representing thousands of fintechs throughout Europe welcome the proposed regulation to cater for speed in payment transfers in the consumer perspective. We acknowledge the fact that the financial system is not able to provide instant payments to European citizens at large. Industry initiatives and schemes have offered theoretical solutions, but real results are still to become proven. Fintech companies' potential role in this domain have been taken by big techs, and currently rendered the smaller players almost irrelevant in providing a solid European autonomy in the payment sphere. Therefore, we support the approach to drive this transformation through regulatory measures. We would like to highlight areas of importance: (1) Prevent unbalanced dominating schemes to rule the market landscape (2) Shape innovation friendly- and therefore technology neutral regulation (3) Make sure instant payment regulation through third parties is catered for PSD2 (revised) solutions. One of the major tools to achieve the above mentioned objectives and to mitigate the uncompetitive advantage of banks on the common financial market, would be to allow payment institutions (duly licensed under the PSD2) to access the automatic generation of IBAN for SEPA payments. That means to allow EU licensed payment fintech challengers to generate IBAN for their clients and further utilize open finance for the benefit of consumers - allowing them clear identification of sender, better AML compliance even for regulators and allowing them to make payments from their own bank accounts. It is already provided by some national authorities (e.g. in Lithuania) and should be allowed on EU level.
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Meeting with Ondřej Kovařík (Member of the European Parliament, Shadow rapporteur)

31 Jan 2022 · MiCA + Transfer of Funds