How well-crafted regulation can serve as an accelerator for resilience and future success was the focus of industry experts at EBAday 2025.
The panel, moderated by Thomas Egner, Secretary General of the Euro Banking Association, included Giorgio Andreoli, Director General of the European Payments Council; Heather Xiao, Founder and CEO of Horizon Zero; Jenny Winther, Head of Payment Schemes at Handelsbanken; and Nuno Epifânio, Team Leader for Payments Policy at the European Commission.
Egner opened the discussion by inviting panellists to reflect on the previous year’s successes and challenges, as well as to share recommendations moving forward.
Andreoli emphasized the success of the self-regulatory body in navigating the complex European ecosystem. “Initially, each country had different standards and rules, some of them quite unmanageable. Now, everyone can issue credit, transfer funds, or perform direct links across borders in Europe and beyond. This approach has paid off,” he stated.
Xiao noted the progress made in open banking and SEPA, praising Europe’s leadership due to clear regulations. “That’s something that was celebrated,” she said.
Winther echoed this sentiment, stressing the significance of market-driven initiatives in fostering innovation and standardization. “Despite not having a regulation like SEPA, we recognize the necessity for standardization and harmonization. This led to the creation of the Nordic Payments Council, facilitating adaptation among countries with different currencies,” she explained.
Epifânio brought attention to the need for clarification in existing EU legislations related to payments, mentioning that laws like the Digital Services Act might offer necessary legal insights. “We need to be more proactive as legislators in addressing these complexities,” he remarked.
The conversation shifted towards the essential guidance from regulators. Egner pointed out the importance of clear, timely regulations that support innovation.
Xiao likened regulators to gardeners in an ecosystem, suggesting they should nourish a fertile, innovative environment rather than impose restrictive frameworks. “Regulators play an enabling role, guiding growth while keeping pests at bay,” she said.
Winther highlighted the need to ensure sustainable business models for various infrastructure actors, calling it a critical enabler for collaboration and communication to drive innovation.
Epifânio discussed the challenges in creating effective regulation, emphasizing that it should reflect a vision for payments while addressing existing market issues. “Each solution we propose sparks reactions, which is why opinions on our role as legislators vary,” he noted, stressing the importance of learning from market experiences.
Xiao concluded, advocating for simple and clear regulations grounded in principles that unite stakeholders.
The panel wrapped up with Egner reinforcing the need for straightforward regulations and effective collaboration to foster innovation.