The Payments Trilogue

In this episode, we host Mathilde Bonneau and Matti Salakari from PayPal to discuss their current position in the European payments ecosystem. We cover regulation, digital innovation, and global competitiveness, and we also explore their view on European payments sovereignty, PSD3/PSR, fraud prevention, and how to make wallet-based account-to-account (A2A) payments successful at the physical point of sale (POS).

In this episode, Ezequiel Canestrari, COO of ClearBank Europe explains the role of infrastructure banks, the impact of SEPA Instant payments, and their strategic move into stablecoins and cross-border payments. We discuss how fintechs can profit from working with sponsor banks, and the future of embedded banking in Europe.

In this episode, we discuss the purpose of the European Payments Stakeholders Group (EPSG) with its chairman Torbjörn Furubjelke. We cover the role it played in harmonizing European card payments (when it was still called ECSG), and how it is now expanding this to mobile instant payments to allow consumers an easy and fair choice between all the options for making retail payments in ecommerce and at physical point of sales (POS) - together often called the point of interaction (POI).

In this episode, we explore the complexities of interoperability in European payments, comparing greenfield solutions versus combining and leveraging existing infrastructure. We cover technical, legal, and commercial challenges, and the current status of payments interoperability in Europe.

In this episode, we have a lively discussion about the state of payments in Europe, focusing on the balance between infrastructure and service innovation. We explore cultural perspectives, the role of fintechs, and the impact of regulation on the development of payment solutions. The conversation highlights the need for a shift towards user-oriented services and the challenges of creating a single market in Europe.

In this episode, we welcome Eric Ducoulombier, who is in charge of payments regulation at the European Commission. He reflects on the successes and challenges of these regulations, particularly in the areas of open banking and fraud prevention, while acknowledging the complexities of enforcement and the role of national authorities in ensuring compliance. We discuss the balance between regulation and market solutions providing a comprehensive overview of the current state of European payments and the future challenges and opportunities that lie ahead, particularly focusing on instant payments, the upcoming PSD3 and PSR, as well as stablecoins and AI.

In this episode, we engage with Mark Munne from Nexus Global Payments (NGP) to discuss the innovative Project Nexus, which grew out of the Bank for International Settlements (BIS) and is aimed at enhancing instant cross-border payment systems. We discuss the challenges of interoperability, the governance structure of Nexus, and the importance of transparency and cost reduction in international transactions. Mark shares insights on the project's goals, its operational model, and the future of global payment solutions, emphasizing the need for collaboration among central banks and payment systems.

In this episode, we discuss the critical topic of e-invoicing. Charles Bryant, a well-known expert in the field, shares insights on the evolution of e-invoicing, its importance in the payment process, and the global landscape of e-invoicing adoption. The conversation covers the distinction between invoices and payments, the role of standards like PEPPOL, and that of VAT and ERPs, the impact of AI, and the challenges faced by SMEs in adopting e-invoicing. The discussion emphasizes the necessity of mandating e-invoicing for widespread adoption and the potential benefits for governments, corporations, and suppliers alike.

In this episode, we explore the often-overlooked topic of B2B payments with Erin McCune, a well-known expert on this subject. We discuss the significant market size of B2B transactions, the interests of buyers and suppliers, the challenges faced by SMEs, the role of fintech in transforming payment processes, and the impact of regulatory frameworks. The conversation explores the unique needs of businesses in the evolving payments landscape, the need for better solutions and the potential of stablecoins in enhancing B2B payment efficiency.

In this festive episode, we reflect on our previous year's wishes regarding the payments landscape, discuss what has come to fruition and what remains unfulfilled. We explore the challenges posed by regulations, the importance of accountability in public institutions, and the potential of innovations like the digital euro, stablecoins and EUDI wallet. Our conversation also touches on the disappointments surrounding open banking in Europe and concludes with a hopeful outlook on the future of payments and the need for a more effective regulatory framework.

In this episode, we discuss the critical role of identity in payments, focusing on the Legal Entity Identifier (LEI) and its verifiable version (vLEI). Alexandre Kech, CEO of GLEIF, explains how LEIs serve as a passport for organizations, facilitating cross-border payments and trade. The conversation covers the challenges of LEI adoption, the importance of organizational identity, and the need for awareness and accessibility. The panel also explores the fragmentation of identity solutions, the role of LEI in payment systems, and future plans for enhancing its use in digital commerce.

In this episode, we discuss the complexities and advancements in cross-border instant payments, focusing on OLO, the European One-Leg-Out scheme, its implications for the SEPA area, and the challenges of adoption. We also explore global initiatives, like SWIFT's GPI and BIS' Nexus project, how these relate to the G20 roadmap for cross-border payments, and how everything could fit together for a bright future of global instant payments.

In this episode, we host Inge van Dijk from the Dutch National Bank to discuss the implications of the digital euro. The conversation covers the necessity of state intervention in the payments market, the role of central banks, financial inclusion, cost implications, and the competition between private and public payment solutions. Inge emphasizes the importance of planning for the future of cash and digital payments and the need for cooperation among stakeholders. The discussion also touches on the future of stablecoins and their potential impact on the payment landscape.

In this episode, we discuss payments in the US, particularly focusing on account-to-account, open banking, the role of fintech, and the impact of AI. Sarah Stapp, the Chief Commercial Officer at Aeropay, shares her insights on the current state of the US payments market, its challenges and opportunities, and the importance of standardization in APIs. The conversation also touches on the differences between the US and European markets, particularly in terms of regulation and consumer behavior.

In this episode, we host Teresa Mesquita, Executive Board Member @ SIBS in Portugal, to discuss the intricacies of European payment systems, focusing on the European Payments Alliance (EuroPA). We explore the role of MB WAY and EMPSA in this joint venture, the challenges of interoperability, the urgency for pan-European solutions, and the implications of sovereignty in payment infrastructure. The conversation also delves into the future of the digital euro and its potential impact on existing payment solutions.

In this episode, we are discussing the Verification of Payee (VOP) concept, which has been mandated by the new Instant Payments Regulation, with our expert guest Frans C. Van Beers, who has been leading the EPC's creation and implementation of a corresponding scheme that is about to go live across Europe. We explore the purpose of VOP, some experience from the Netherlands and the UK, user experience challenges, the role of the EPC and that of Routing & Verification Mechanisms (RVM), regulatory influences, and future developments in this area.

In this episode, we host Atze Faas to discuss his extensive experience in the payments industry, his current role at EuroCommerce and his views about retail payments from the merchant's perspective. He emphasizes the importance of the digital euro in reducing payment costs and enhancing European autonomy. The discussion also covers the complexities of payment systems, the implications of surcharging, and the need for merchants to understand payment costs better. He advocates for a stronger merchant voice in the payments landscape and highlights the necessity for interoperability among payment systems to facilitate smoother transactions.

This time, we are exploring the Euro Retail Payments Board (ERPB), which is steering Europe's payments agenda. We look at its structure, stakeholders, and the challenges it faces in achieving consensus and addressing strategic issues in the European payments landscape. The discussion highlights the need for the ERPB to adapt to changing market dynamics and its potential to address some of the issues we raised in previous episodes.

In this episode, we discuss the need for a coherent industrial policy in the European payments landscape. We explore the fragmentation of payment solutions across Europe, the lack of a clear strategic direction, and the importance of establishing a public-private partnership to foster harmonisation, but also innovation and competition.

In this episode, we discuss the concept of sovereignty in the context of payment systems, exploring its implications and the confusion it can create. We debate its relevance vs. the importance of resilience and efficiency, and potential risks associated with a lack of sovereignty. The conversation also touches on the role of open banking guaranteeing EU sovereignty for the time being, and the need for more payment options to reduce dependency on foreign actors.

In this episode, we engage with Tony McLaughlin, a well known expert on the subject, who previously served 20 years as Citi's payments brain. Together we explore the transformative potential of stablecoins in the financial landscape, the evolution of payment technologies, the regulatory landscape surrounding stablecoins, and the future role of banks in this new ecosystem. The discussion highlights the importance of user experience and adoption challenges, as well as the sovereignty issues posed by global competition in the stablecoin market.

This episode delves into the concept of Request-to-Pay (RTP), exploring its historical roots, current challenges, and future prospects. The discussion highlights the potential of RTP to streamline payment processes but also addresses the obstacles it faces in gaining traction among banks and consumers. Key insights include the importance of harmonizing RTP with existing payment systems, the role of banks versus non-bank players, and the need for a clear economic model to support its adoption. The focus is on the EU version, SEPA Request-to-Pay (SRTP), which has been implemented as an EPC scheme.

This episode features a transition in the leadership at the European Payments Council (EPC), with Javier Santamaria reflecting on his 13 years tenure as its chairman and Gijs Boudewijn stepping into the role. In return, Javier is succeeding Gijs in this podcast representing mainly the bankers' perspectives. The conversation explores the evolution of payments in Europe over the past two decades, the challenges posed by new technologies and regulations, and the importance of maintaining a strong voice in the face of political pressures. The participants discuss the future of payments, including the role of ISO 20022, digital currencies, and the need for collaboration and evidence-based regulation.

In this episode, we host Jens Holeczek, the leader of the German giroAPI project to discuss this initiative and its differentiation from SPAA. The conversation explores the broader scope of giroAPI, its current status, and the commercial model that underpins it. We also compare the governance structures of giroAPI and SPAA, emphasizing the need for collaboration. The episode concludes with reflections on the future of these initiatives and the importance of their harmonization and convergence.

For this episode, we invited Jeremy Light, a well-known payments expert, especially also for this topic. We discuss the evolving landscape of digital wallets for cards and account-to-account payments, and the implications for the Digital Euro. The conversation explores the challenges and opportunities presented by open banking, the future of cash, and the need for interoperability in cross-border payments. Additionally, we delve into the potential of micro payments in the subscription economy and the importance of creating cost-effective solutions for low-value transactions.

In this episode we discuss the need for a new approach to industrial policy in the payments sector. We explore Europe's potential to leapfrog and lead in payment technologies, rather than playing catch-up all the time. For this to happen we see the need for the authorities to regulate less and orchestrate more by acting as a convener to foster innovation and growth in the European payments landscape.

In this episode, we engage with Chris Skinner, one of the most famous payment experts in Europe, to explore the evolving landscape of digital trust and identity in the financial sector. We discuss the challenges of onboarding and KYC processes, the potential of the upcoming EU ID wallet, and the fragmentation of digital identity solutions across Europe. The conversation delves into the complexities of trust in banking versus government, the implications of deep fakes, and the future of digital identity in an increasingly digital world.

In this episode, we welcome Claus George to discuss the topic of Commercial Bank Money Tokens (CBMT), which is quite a revolutionary concept of using bank money with distributed ledger technology (DLT). We explore the implications for banks, corporates, and the future of financial transactions, comparing tokenized deposits with stablecoins and central bank digital currencies (CBDCs). The discussion highlights the challenges of standardization, the role of banks in a tokenized world, and the potential especially for B2B supply chain payments on corporate blockchains.

In this episode, the hosts discuss the use of Payment Initiation Services (PIS) at the Point of Sale (POS), based on the European Retail Payments Framework (ERPF), a market initiative of the European Third Party Providers Association (ETPPA). They explore the European payment strategy, the role of open banking, and the challenges faced in implementing PIS in physical retail environments. The conversation highlights the importance of creating a framework for PIS providers, the need for collaboration among various stakeholders, and the significance of enhancing the consumer and merchant experience in payment processes.

In this episode of the Payments Trilogue, the hosts interview Martina Weimert, the CEO of the European Payments Initiative (EPI), which has just been launching WERO their new payments wallet. They are discussing the challenges and opportunities in the European payments landscape and they explore the fragmentation of payment solutions, the integration of the digital euro, the role of fintechs, and the importance of winning consumer trust across diverse markets. The conversation also touches on the political dynamics in Germany and the future of payment solutions in Europe, emphasizing the need for collaboration and innovation to compete with global players.

This episode of the Payments Trilogue hosts Chris Pirkner, CEO of Bluecode and Chairman of EMPSA, the European Mobile Payment Systems Association, to discuss the evolving landscape of payment systems in Europe. The conversation covers the complexities of instant payments, the importance and difficulties of collaboration among payment systems, and the challenges of pricing models in cross-border transactions. Pirkner emphasizes the significance of owning the customer journey in payments and the need for European sovereignty in payment solutions. The discussion also touches on the role of regulators, the potential impact of the Digital Euro, the EUID wallet, and the necessity of a coordinated approach to avoid fragmentation in the market.

This episode explores the evolution and future of account-to-account (A2A) payments, highlighting the success of iDEAL in the Netherlands, the challenges faced by banks, and the potential for A2A payments to become a dominant payment method in Europe. The discussion includes insights on the advantages of A2A payments over traditional card payments, the importance of payment certainty, and the need for a pan-European approach to A2A solutions.

In this episode, featuring special guest Dave Birch, the discussion revolves around the impact of AI on the banking and payments industry. The speakers explore how AI empowers customers, the strategic responses banks must adopt, the role of regulation, and the future of financial decision-making. They also delve into the importance of user interfaces and the potential threats posed by AI in fraud. The conversation highlights the transformative potential of AI while acknowledging the challenges and risks involved.

For this episode, the hosts invited an expert guest, Jan van Vonno, to discuss the EU Digital Identity Wallet (EUDIW), its implications for open banking, and the challenges of compliance and authentication. The panel shares insights on the potential benefits of a unified digital identity system across Europe specifically for the purpose of Strong Customer Authentication (SCA), while also addressing concerns about control, outsourcing, and the realities of implementation. The conversation highlights the importance of understanding the regulatory landscape and the need for banks and payment service providers to adapt to new requirements by 2027.

In this episode of the Payments Trialogue, Michael Salmony, Gijs Boudewijn, and Ralf Ohlhausen discuss the evolving landscape of open finance, focusing on the FIDA proposal and its implications for data access and collaboration within the financial industry. They explore the importance of customer-centric approaches, the distinction between data access and sharing, and the relevance of existing models like SPAA in fostering cooperation among industry players and minimising regulation. The conversation also addresses global trends in open finance, the challenges of fragmentation, and the need for coordinated efforts to ensure a harmonized approach across sectors.

In this Christmas episode of the Payments Trilogue, hosts Michael, Ralf, and Gijs discuss their Santa wish lists for the payments industry, focusing on regulatory improvements. They explore the implications of upcoming regulations like Instant Payments incl. VOP, PSD3/PSR, FIDA, eIDAS 2.0 and the need for better APIs, as well as the strategic importance of initiatives like SPAA and the digital euro. The conversation also touches on the challenges of cash acceptance and the need for innovative thinking to leapfrog existing solutions in the payments landscape.

In this episode of the Payments Trilogue, Michael Salmony, Gijs Boudewijn, and Ralf Ohlhausen discuss the SEPA Payment Account Access (SPAA) initiative, a collaborative effort between banks and third-party providers (TPPs) to create a new payment scheme in Europe. They explore the origins of SPAA, its development, the challenges faced in implementation, and the current status of the initiative. The conversation also touches on competing initiatives like the European Payments Initiative (EPI) and giroAPI, emphasizing the importance of collaboration and harmonization in the evolving landscape of open banking.

The conversation explores the topic of Central Bank Digital Currency (CBDC) and the digital euro. The discussion focuses on the reasons for CBDC, concerns surrounding it, and the potential impact on various stakeholders. The participants discuss the need for a digital version of cash, the challenges of implementing CBDC in the retail space, and the potential benefits of wholesale CBDC for cross-border transactions. They also highlight the importance of a sustainable business model and the need to avoid crowding out existing payment solutions. Overall, the conversation emphasizes the need for careful consideration and a clear problem-solving approach in the development of CBDC.

In this episode of the Payments Trilogue, Michael, Gijs, and Ralf discuss the evolving landscape of fraud in the payments industry. They explore the challenges posed by increasingly sophisticated fraud tactics, the importance of cross-sector collaboration in combating fraud, the role of technology and regulation, and the implications of AI in both facilitating and preventing fraud. The conversation highlights the need for a comprehensive approach to fraud prevention that includes data sharing, regulatory support, and technological innovation.

In this episode of The Payments Trilogue, the hosts discuss the evolution of payment regulations in Europe, focusing on the transition from PSD2 to PSD3 and PSR. They explore the challenges faced by Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs), the importance of collaboration over regulation, and the need for better governance and competition in the payment services landscape. The conversation also delves into the technical aspects of APIs, liability concerns, and the future of payments regulation, emphasizing the necessity for industry cooperation to create effective solutions.

In this episode of The Payments Trilogue, Michael Salmony, Ralf Ohlhausen, and Gijs Boudewijn discuss the evolution and significance of instant payments in Europe. They explore the regulatory landscape, the impact on FinTech, and the challenges and opportunities in B2B payments. The conversation highlights the need for collaboration among stakeholders and the implications of new regulations on the payments industry. The episode concludes with reflections on the future of instant payments and the importance of working together for mutual benefit.

In this episode of the Payments Trilogue, the discussion revolves around the effectiveness of EU regulations, particularly in comparison to other global approaches. The speakers explore the balance between regulation and innovation, the impact of regulatory frameworks on market dynamics, and the importance of competition in fostering a healthy economic environment. They also delve into the complexities of the legislative process in the EU and conclude with reflections on the future of regulation and competition in the payments landscape.

In this episode of The Payments Trilogue, Gijs Boudewijn, Ralf Ohlhausen and Michael Salmony discuss the options of making European payments great again (MEPGA). They explore the challenges and opportunities presented by various payment solutions, including the European Payments Initiative (EPI), Open Banking, EMPSA, and the potential impact of Central Bank Digital Currencies (CBDC). The conversation emphasizes the need for a cohesive strategy to enhance payment systems across Europe while addressing the complexities of multiple initiatives and regulatory environments.

In this inaugural episode of The Payments Trilogue, hosts Michael Salmony, Gijs Boudewijn, and Ralf Ohlhausen introduce their backgrounds and the purpose of the podcast. They aim to explore the evolving landscape of payments in Europe, focusing on collaboration and innovative approaches by banks and fintechs to address current challenges in the industry. This industry trilogue shall lead to more cooperation and self-regulation and thereby less top-down regulation by the EU authorities.