CEPS, ECRI and ECMI are calling for submission of policy papers in the area of payments and their role in making Europe future-proof as part of the wave of digital innovation
Ongoing digitalisation has amplified the importance of electronic payments for the functioning of the European economy. In response, the European Commission has stepped-up its ambitions to create an integrated payment system and increasing the autonomy of existing means of payments.
Good AML policies start with transaction monitoring by operators but the burden and operational risks are growing, and the success rate is low. Operators, mostly banks are increasingly cooperating with each other to exchange best practice in monitoring, and with the Financial Intelligence Units to avoid reporting of false positives and facilitate enforcement. This however raises huge problems about data exchange and protection, free competition and division of competences.
Governments, authorities and businesses have implemented credit moratoria, intended to offer temporary relief to borrowers impacted by COVID-19. A total of 24 EU Member States enforced either a legislative or non-legislative moratoria during this period. With the roll out of vaccines and easing of lockdown measures, when is the right time to phase out these moratoria?
Every year an estimated 2 to 5 percent of the global GDP is being laundered. So far, anti-money laundering policies have seen limited successes. Meanwhile, the breadth and means to launder money have also increased, facilitated by technological progress.
From crime and drug-trafficking-related proceeds, the mandate to stop money laundering has expanded to now include tax avoidance, terrorist financing, human trafficking, state-sponsored and corporate bribery.
About one in twelve European households is having difficulties meeting their payment commitments, whether these relate to secured or unsecured borrowing, to payment of rent, or to utility or other household bills. Debt advisors play a crucial role in giving professional advice and finding the best solutions to help households get out of debt. Currently, there are only a fraction of the necessary qualified independent debt advisors available to support all the households in need.
Retail payments are at the forefront of the digital transformation of financial services. Changing payment-processing interfaces, the introduction of crypto-assets and more recently, new payment instruments, are all shifting the traditionally cash-dominated retail payment landscape.
During the CEPS-ECRI webinar key stakeholders involved in the preparation and affected by the guidelines will discuss the new European Banking Authority guidelines on loan origination and monitoring.
CEPS Conference room Place du Congrès 1 - 1000 Brussels
In 2015 the EU agreed ambitious price regulation on retail payments. Most importantly, the Interchange Fee Regulation (IFR) limited the interchange fees and put a ban on surcharges for most payment transactions under the Second Payment Services Directive (PSD2).
During this CEPS-ECRI lunchtime meeting the impact of the price rules on the retail payment sector will be discussed as well as whether there is a need for any revision of these rules. Moreover, a new CEPS-ECRI paper on the same topic is presented.
The European Credit Research Institute (ECRI) is a think-tank managed by CEPS and has its own board with its own strategy. At present, its funding is based on some combination of research projects and membership fees. ECRI is supported by 10 prestigious members whose primary focus is on payments and consumer loans:
Corporate Members: ACI Worldwide, American Express, BNP Paribas Personal Finance, Cofidis, Credit Agricole SA, Finastra, Klarna, Provident Financial Group, Schufa, VISA.
