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The European Commission is today proposing to make cross-border payments in euro cheaper across the whole EU. This will eliminate the barriers that prevent consumers and businesses in non-euro countries from taking full advantage of the single market under the same conditions as those in the euro area. Since the introduction of the cross-border payments regulation in 2001, consumers and businesses in the euro area have benefited from very low fees for cross-border payments in euro. With the new proposal, all Europeans will be able to transact cross-border, in euro, at the same cost as they would pay for a domestic transaction.

PSD2

New rules are good news for EU consumers, who will save money and be better protected when making electronic payments.

Call for applications: European Commission sets up an Expert Group on electronic identification and remote Know-Your-Customer processes

The European Commission is setting up an e-ID/KYC (know your client) expert group to explore the EU potential of remote digital onboarding (finding new customers by digital means). Once the group is launched in spring 2018, it will provide the Commission with expertise on issues relating to electronic identification and remote Know-Your-Customer processes based on the eIDAS regulation. The group will be composed of regulators, supervisors, identity experts, financial institutions and consumer organisations. In total, 21 members of the group will come from existing consultative structures (eIDAS, anti-money laundering and the European Supervisory Authorities joint committee) while the remaining 15 places will be filled through the call for applications.

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