David Budzevski

Banking nationalism has not gone away but reinvented itself – and it’s something we need to overcome if we want to complete Banking Union. I spoke today at the launch of Nicolas Veron’s new book on the Banking Union at Bruegel - Improving economic policy. Banking Union represented a step change for the European Union, an ambitious system for the stability, the integration and competitiveness of the EU’s banking system, launched in the wake of the great financial crisis. It’s there to avoid history repeating itself. But Banking Union is not yet complete. Unfortunately, Member States’ proposed amendments to the Crisis Management and Deposit Insurance framework suggest they are approaching reform primarily from a national perspective and failing to consider what is best for the Banking Union. We need to overcome this perspective to make genuine progress on the Banking Union, and for everyone to reap the benefits in the long-term: 🛡️A European banking system that continues to be resilient 🏦 Stronger European banks, able to scale up and offer better and cheaper services to people and companies across the single market 💻 Banks that can become more efficient and invest in digitalisation 💶A stronger European and Monetary Union and euro also at global level Read my full speech: https://europa.eu/!GCp7N9 #BankingUnion

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A welcome easter egg 🥚 in today's Bank of England piece on innovation in money and payments, is confirmation that the new Government 👉 will 👈 take forward the National Payments Vision 🛣 That's another tick in the box ✅ for open banking payments, after the Government also brought back the Smart Data Bill, key for underpinning open banking standards. Now if only we could see some progress on VRP from the Payment Systems Regulator and acknowledgment of the risk APP fraud rules pose to growth in the payment sector... Read our piece on the National Payments Vision: https://lnkd.in/eTTiGwNR The Bank of England's Approach to innovation in money and payments: https://lnkd.in/eiFKmxTE #progress #growth #payments #openbanking

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Interesting update from UK Finance that shows over a third of UK consumer payments are now contactless. Here are the key figures for 2023 The total number of payments made in the UK increased by five per cent to 48.1 billion  Almost four out of ten (38 per cent) of all payments made in the UK during 2023 were contactless One third of UK adults were using mobile contactless payments at least once a month The number of cash payments fell to six billion, with cash representing 12 per cent of all payments made in the UK Faster Payments overtook Direct Debit to become the third most used payment type in the UK in 2023 

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Really enjoyed discussing payments at Future Fintech with Bank of England ClearBank Swift and the Payment Systems Regulator. A key question we discussed was how to reconcile the PSR's 5 year strategy and its objective to enable A2A payments for retail transactions as a driver of competition, with the inherent payment friction that will come from the incoming APP fraud rules and rules to slow down payments. The jury was out. My view: HM Treasury and Financial Conduct Authority need to use the upcoming review of the Payment Services Regulations to protect legitimate fintech and open banking payments from being slowed down, blocked and limited - caught in the APP dragnet. This could be a development of existing 'de-risking' provisions. Reg 103 - 105. What do others think? #openbanking #payments

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