PRESS RELEASE - Berlin Group is offering support to new European payment schemes
- The Berlin Group
- May 25, 2023
- 1 min read
The European market is facing a multitude of payment methods that all share comparable functionality, but with different customer interfaces, creating implementation challenges (and related costs), especially at bank IT systems. Today the Berlin Group announced in public that its PSD2 Open Banking standards already support new Open Finance schemes (e.g. EPC SPAA and giroAPI), and that additional leverage and support is offered to new payment schemes currently being defined, of which some aim to contribute to European sovereignty and autonomy (e.g. EUDI Wallet, Digital Euro). This makes integration of the new European payment schemes easy for banks and their users (a.o. corporates, SMEs, Fintechs, Third Party Providers). Re-use of the existing PSD2 investments and infrastructures will foster a rapid market adoption of the new European schemes.
As a solid foundation to the industry and with ~80 % European market coverage in implemented PSD2 Open Banking standards, Berlin Group is again leading the way on modern and interoperable API-centric standards for Open Finance and the new European payment schemes. This is considered a substantial contribution to achieving full European sovereignty and autonomy in payments.
The full text of the press release can be found here.
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This press release highlights a practical side of European payment innovation that often gets overlooked, especially the pressure banks face juggling multiple systems. The focus on reusing existing PSD2 infrastructure makes the push toward new schemes feel more realistic instead of disruptive. It reads like the kind of case study you see in Economics Assignment Service UK discussions, where market efficiency, cost reduction, and sovereignty are all connected, not as abstract goals but as operational challenges the industry has to solve.
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