Kicking off the 18th edition of EBAday in Madrid, Spain, Wolfgang Ehrmann, chairman of the Euro Banking Association, welcomed nearly 1,200 professionals from across the payments and transaction banking ecosystem to discuss the latest trends and diverse perspectives.
At this second in-person conference after two years of virtual gatherings, Ehrmann highlighted significant achievements in the European payments industry, including EBA CLEARING’s 25th anniversary and STEP2’s 22nd anniversary. STEP2 is the pan-European automated clearing house that processes mass payments in Euro and plays a crucial role in the Single Euro Payments Area (SEPA). Additionally, MyBank, an e-payment solution that allows users to make immediate bank transfers through their own online banking portals, celebrated its 10th anniversary.
Ehrmann remarked that EBAday is an event that “actively shapes the future, just like we have actively shaped the past.” He emphasized the importance of coming together to drive progress in the industry, stating that the EBA community’s hands-on approach to developing impactful services and solutions has been a defining strength over the years.
Initially formed as a group of banks, the EBA community has expanded to include various payment service providers and fintech firms. This cross-sector collaboration allows the EBA and Finextra, co-organizers of the event, to prioritize crucial topics for discussion. This year’s EBAday will cover areas such as real-time and cross-border payments, identity services, fraud prevention, payments as a service, open finance, and fintech collaboration, among others.
As in previous years, EBAday began with keynote sessions on the main stage and then split into two streams. Sixteen fintech startups and scale-ups showcased their offerings at the Fintech Zone, and the newly introduced FinTalks stage welcomed fintech representatives to discuss emerging trends. Lunchtime roundtables focused on women in finance and sustainable finance, providing a platform for attendees to address significant structural issues within the industry.
Carlos A. Sanz Luengo, head of payment systems at the Bank of Spain, followed Ehrmann’s address by discussing payments, the implications of new technologies, and legislative changes. He posed a question to the audience regarding the need for a central bank strategy to adapt to the evolving payment landscape.
Luengo elaborated that the sector must recognize that payments are undergoing fundamental changes driven by the digital revolution, which has transformed the demand for new payment methods and innovative services from public authorities. He noted that the digitalization of the economy has impacted various aspects of daily life, including payments, enhancing comfort and security through online bank transfers and payment cards.
In light of the demand for immediacy and seamless integration between payments and services, central banks are increasingly focused on privacy, cybersecurity, and reliability, adapting policies to ensure payments remain resilient, efficient, and inclusive. Luengo emphasized that while these risks pose challenges, they also present tremendous opportunities that financial authorities must navigate.
He echoed Ehrmann’s sentiments, stating: “Given the speed at which innovation occurs, the Euro system is currently working to overcome challenges by combining our strengths and collaborating with established entities toward a common goal. This partnership is essential for creating a more efficient and inclusive European payment system for the future.”