We submitted this morning a joint industry letter jointly co-authored with European Digital Finance Association (EFDA), European Fintech Association (EFA), European Payments Institution Federation (EPIF), Electronic Money Association (EMA), European Third Party Providers Association (ETPPA), Open Finance Association (OFA), PayBelgium and Smart Fintech Association to Commissioner McGuinness regarding the importance of fair access to infrastructure to create a level playing field and make instant payments a success in Europe.

As members of the financial services industry, we welcome the European Commission’s proposal and ambition to promote instant payments across the European Union.

Despite the increased role and importance of innovative Electronic Money Institutions (EMIs) and Payment Institutions (PIs) in the European payment ecosystem, they cannot fully contribute to the successful adoption of instant payments in Europe. The current Settlement Finality Directive excludes them from directly accessing the designated payment systems. This prevents innovative firms to offer solutions that benefit all European businesses and consumers.  

The contribution of EMIs and PIs is vital to make instant payments a true success in Europe. The nine signatories urge policymakers to solve this problem quickly by providing regulated PIs and EMIs with the option to directly access the relevant payment systems in the context of the ongoing instant payments proposal. 

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