BaaS News #7 - May

Your gateway to the BaaS Universe!

A monthly exploration of embedded payments, Banking-as-a-Service and fintech ecosystem, as well as practical use cases.

1. BaaS & Fintech news

PSD3 & RSP - Adoption of the European Parliament and Remittance Services for Payment and Electronic Money

On April 23rd the final plenary session of the 2019-2024 European Parliament legislature adopted proposals for a directive (PSD3) and a regulation (RSP) on payment and electronic money services.

The texts has to be approved by the EU Council before final adoption.

?? Key reforms in the proposal aim at:

• Improving fraud prevention by enhancing user protection and trust in payments (including the implementation of the reconciliation service between the recipient's name and IBAN or matching)
• Promoting Open Banking by enhancing the competitiveness of open banking services based on data sharing and utilization from payment account data;
• Increase? the enforcement and implementation of provisions in Member States;
• Improve access to payment systems and bank accounts for non-bank payment service providers.

? Timeline:

The texts adopted in the first reading states that:

• Payment institutions (PIs) and electronic money institutions (EMIs) licensed under PSD2 and EMD2 must comply with the new directive 24 months after its entry into force.
• Member States must provide for an automatic extension if they have evidence that these actors already comply with DSP3. For new licenses, PSD3 must be transposed into domestic law and applicable 18 months after its entry into force.
• The RSP will enter into force 21 months after its date of entry into force (except for rules concerning the matching service, which will enter into force 27 months after the date of entry into force).

Read the press release:

MEPs want to enhance fraud protection and access to cash in payment services | News | European Parliament (europa.eu)

Instant Payments to boost finances of young adults in Europe.

Instant payments are set to make a big difference for young adults in Europe, according to new data. ACI Worldwide commissioned research showing that as the volume of instant payments increases, more young people aged 15 to 24 save money.

The volume of instant payments in the EU is expected to grow significantly, from 7.6 billion transactions in 2023 to 21.2 billion transactions in 2028. This means instant payments will make up a bigger share of all electronic payments, rising from 5% in 2023 to 11.1% in 2028. This news comes as many young Europeans face financial challenges. Eurostat data shows that over a quarter of 15 to 29-year-olds are at risk of poverty or social exclusion. Additionally, youth unemployment remains high, and affordable housing is hard to find.

The European Parliament recently endorsed regulations requiring payment service providers to offer instant payments, which will speed up the process of moving money between accounts. This is expected to have a positive impact on financial inclusion and economic growth.

Source: https://investor.aciworldwide.com/news-releases/news-release-details/instant-payments-significantly-boost-finances-young-adults

2. French Corner

En mars, nous avons eu l'opportunité de participer à deux événements majeurs dans leurs secteurs d'activités respectifs :

• One to One E-Commerce à Monaco pour les acteurs du Retail
• Treasury Innovation Day, organisé à Paris par l'AFTE pour les acteurs des services Finance

?Ce fut l'occasion de nouvelles rencontres et de nombreux échanges sur nos stands, pendant lesquels nous avons partagé les nouveaux cas d'usages et innovations technologiques qui disruptent toute la cha?ne de valeur des processus financiers.

?Nouvelles méthodes de paiement, automatisation des rapprochements, optimisation des données clients, suivi en temps réel, protection contre la fraude : Xpollens prolonge le partage via son tout nouveau Livre Blanc Optimiser la fonction Finance en 2024?: comment automatiser vos flux et vos comptes??, édité en partenariat avec Capgemini.

Bonne lecture !

Télécharger le livre blanc

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