Andréa Toucinho: Instant Payments, PSD2 and GDPR
EPS Speaker Spotlight
Andréa Toucinho, Payments and Financial Services Expert, will be joining the on-stage discussions at EPS on Payments Driving Digital Transformation, opportunities and consequences of the fast-changing pace in the payments and transactions space. Only a few weeks before the event, Andréa shares her perspectives on key industry developments and current market dynamics.
Instant payments and the PSD2 impact
Instant payments represent a new scheme of payment created by European institutions and the goal of this initiative is very diverse. On the one hand, it addresses the technological evolution – the step towards “instant” seems natural in our society which is based more and more on digitalisation. On the other hand, it also tackles the geopolitical issue or more specifically, the creation of a real European payments market.
I think we have a lot of instant payment models in Europe. Certain countries are very proactive in this respect: the UK, the Northern countries and Italy are only some examples. Other countries take their time to consider this development: for instance, Portugal or even France and Belgium. The reason is that evolution is important for national markets, so banks aim at defining business models and use cases before any commercial launches (in France, for example). In other countries, such as Spain, Portugal, and Belgium, the necessity to create a consensus between all banks takes time.
Another aspect worth mentioning is the technological back-office evolution of banks, as a result of developments triggered by instant payments. Many investments and work are yet to be realised and PSD2 will boost this innovation.
GDPR – an element of added friction or business necessity?
GDPR is clearly a business necessity. In fact, the evolution of strategies, actors, services and the ambitions of Internet giants such as Google or even Apple bring many issues in the market. But data and the protection of consumers represent one of the key subjects for its evolution. GDPR brings many tasks for actors but it is very important to create a real European framework in this field and guarantee a balance between innovation and consumers protection. The fact that many countries – such as Canada or even the United States – are getting inspired by GDPR to brainstorm their data protection legislation testifies to this reality.
Top 3 technological developments to follow
It will be interesting to analyse the evolution across different European countries and the work done at a European level in the field of regulation and standardisation. European open banking models will progressively appear on the market, bringing new services, offers and strategies. Another main technological aspect is instant payment, which is fostered by European institutions. This evolution is very important to guarantee European sovereignty in the field of payments. It will be also interesting to follow the strategies of Internet giants in these markets and study the evolution of regulation and actors policy in this new opening context.
The full version of the interview has been published by our media partner Ecommerce Nation, as part of the EPS Interview Series.
Register today and join the EPS sessions for unique insights and latest developments from payment industry experts and thought leaders who will be sharing their knowledge and payment experiences through various insightful presentations and networking discussions, re-thinking transactions.