Wolfgang Ehrmann, chairman of the board at the Euro Banking Association (EBA), opened the first day of the 19th EBAday, welcoming delegates to the event.
Ehrmann introduced the theme of the conference, “Orchestrating the Dialogue on Payments – The Collaborative Advantage,” and praised the event’s location in Lisbon, Portugal, highlighting the country’s achievements in digital transformation. He noted that the key challenge for European payments today is to advance “SEPA into a new era of instant payment and digital transformation,” an issue he felt was reflected throughout the event’s agenda.
He emphasized the importance of collaboration, stating, “When we come together at EBAday and beyond, share our experiences, identify common pain points, and discuss the best solutions for the ecosystem, we truly orchestrate the dialogue on payments and turn dialogue into actionable practices and solutions for the new payments era.”
Hélder Rosalino, a board member at Banco de Portugal, was the keynote speaker and shared the central bank’s strategic vision and priorities, developed in collaboration with stakeholders. He noted a significant reorganization in the payments market, driven by new entrants, including fintechs and bigtechs, and innovative business models.
Rosalino also discussed technological advancements in payments, such as distributed ledger technology (DLT) and artificial intelligence (AI), which enhance fraud detection, transaction speed, security, and overall consumer service. He reflected on Portugal’s evolution in payment infrastructure, emphasizing the fast and continuous development within the payments ecosystem.
He outlined four key priorities for the Bank of Portugal’s National Strategy for Retail Payments: promoting safety in payments, launching a confirmation of payee service and the bank’s SPIN product to address fraud risks, favoring instant credit transfers, and ensuring a competitive market landscape. He stressed the importance of regulatory support for the wider adoption of instant payments in Europe, driven by competitive costs and enhanced security. Additionally, the Digital Euro project aims to position the European Union as a leader in central bank money.
The first strategic roundtable was moderated by journalist Joy Macknight, featuring Tsvetanka Nankova of Deutsche Bank and Michael Reinwald of J.P. Morgan Payments. They discussed the increasing involvement of non-bank players in the payments market and the emergence of new mechanisms for payment settlement that will enhance efficiency and transparency.
Macknight shifted the focus to the future of B2B payments, with Nankova noting that the industry is prioritizing real-time digital payments. She highlighted the role of AI in helping multinational corporations forecast cash flows and predict payment trends more accurately. Reinwald observed a convergence in the retail and treasury sectors, noting that users now demand both seamless operations and ease of use.
Nankova emphasized the need for continued improvement in technology to expedite settlement while maintaining safeguards against fraud. Reinwald remarked that future collaboration might shift toward groups of banks innovating together, while Nankova cautioned against blockchain transactions creating isolated systems, stressing the necessity for greater industry cooperation.