Additionally, the opinion paper takes into consideration the virtual medium as a mandatory topic which must be integrated in the single euro payments area (SEPA) transfer and card payment infrastructure. To that purpose, it mentions the EBA’s MyBank initiative, whose goal is to reach the status of ‘one stop shop’ ecommerce transaction platform.
In order to benefit consumers and merchants, there could be provided a Europe-wide DCSI protocol by account servicing payment service providers (PSPs), whose purpose will be to enable real-time services for payment initiation, account information and digital identity services (B2B, B2C transactions). Moreover, the providers of electronic alternative payment solutions and the account servicing institutions could also benefit from such an implementation in the ecommerce space.
The opinion paper admits that the API technologies, as they are understood by the DCSI, are crucial to achieving real-time customer experience, which is rendered by the messaging part of payment transactions. Digital interfacing (API level) initiatives could accelerate advancements in the digital economy. The report was conducted by the EBA’s Working Group on Electronic Alternative Payments (e-AP WG) in order to offer financial institutions (FIs) clearer perspectives on how to navigate the changing payments landscape.
At the same time, EBA has released a second paper, Cryptotechnologies, a major IT innovation and catalyst for change, which highlights that the level of cooperation between payment service providers (PSPs) and the crypto technology community will determine the future relationship between banks and cryptocurrency companies.
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