The European Union Direct Access Coalition aims to advocate for direct access to payment systems for non-banks in Europe. A recent joint industry letter was sent to the European Parliament on amending the Settlement Finality Directive alongside the Instant Payments Regulation to boost the uptake of instant payments and ensure a level playing field for all.
As representatives of the digital financial services industry, we welcome the European Commission’s ambition to make instant payments the norm across the European Union via the Instant Payments Regulation (IPR). We hope this ambition is maintained throughout the interinstitutional negotiations. However, we would like to draw your attention to our concerns regarding electronic money institutions (EMIs) and payment institutions (PIs).