EU

Industry Call To Reconsider Approach On Virtual IBANs

The EMA co-signed a joint industry letter on virtual IBANs:

The EU digital payment industry urges Member States to reconsider the Belgian Presidency proposal to assimilate virtual IBANs to traditional IBANs, and to mandate payment service providers to open a payment account with a credit institution in each Member State they operate in. The result will be to materially reduce the ability of payment service providers operating cross-border to help consumers and merchants manage their payments and overcome IBAN discrimination. More evidence is needed on the risks implied by virtual IBANs, and the potential risk mitigation measures should be assessed against their impact on competition, innovation and consumer choice in the EEA.

Read the full letter here

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EMA letter to European Commission regarding implementation of CESOP

The EMA sent a letter to the European Commission regarding the implementation of CESOP in the EU, which is proving hugely challenging for our industry. The letter emphasises that EMA members are fully on board with assisting EU tax authorities in identifying VAT avoidance, and recovering funds. However, the lack of practical arrangements to allow implementation of CESOP within the timescales set out in the Directive are simply not possible at this stage.

Read the full letter here

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EMA response to ESAs second batch of DORA policy mandates

The EMA submitted responses to the ESAs joint consultation on second batch of policy mandates under the Digital Operational Resilience Act.

Read the response here:

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