Discover how open banking can accelerate euro transfers and improve user experiences in light of evolving regulations and consumer preferences.

Since just 14.2% of euro credit transfers are done using SEPA Instant, the Pan-European real-time system, open banking has the potential to hasten the adoption of instant payments. TrueLayer is a payments network.

In its most recent research, Payments in the EU — Building better user experience with open banking & SEPA immediate, TrueLayer primarily recommends merging open banking with immediate payments. This is a result of the rapidly changing Instant Payments Regulation (IPR) and Payments Services Regulation (PSR). However, the bulk of customers’ decision to utilize manual bank transfers is also a contributing factor.

How then can technology for open banking be helpful? TrueLayer claims that the technology can assist SEPA Instant in enabling retailers to take immediate payments for goods or services. In particular, TrueLayer emphasizes how critical it is to improve user experiences by taking away barriers from customers’ open banking payment journeys. The research also suggests keeping the cost of fees for rapid payments as low as possible.

It also recommends that access to payment systems for fintechs be provided fairly and without discrimination. This will enhance competition as a result.

Eliminating IBAN discrimination is the report’s final main suggestion. Consequently, this will establish a genuinely unified European payments market.


Europe’s long-needed payment system has been created

In response to the findings, Joe Morley, CEO of TrueLayer in the EU, stated:

“With PSD2 and SEPA Instant, European legislators have established crucial infrastructure and foundations for quicker, safer, and more affordable payment experiences for consumers and companies. Still, additional effort is required.

The globe is expanding quickly. Pix payments have surpassed credit and debit card payments combined in usage in Brazil. The EU needs to adopt this model in order to stay competitive: a contemporary, transparent, and dynamic marketplace that benefits both customers and businesses.

It is imperative that the Instant Payments Regulation be completed as soon as possible in order to start the process of enhancing consumer access to SEPA Instant throughout Europe. Better user experiences must also be the main goal of the Payments Services Regulation’s open banking modifications. When combined, these two components will produce the very kind of domestic payment system that the European Union has been seeking. a substitute for the card game duopoly.

“Our findings and suggestions present a road map for achieving this. In order to realize this vision, we look forward to collaborating closely with EU policymakers in the upcoming months.

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