Upcoming changes in the use of digital platforms in the payments sector – a report by the European Banking Authority
The European Banking Authority (EBA) published a report on the platformisation of the EU banking and payments sector. The report constitutes a response to the rapid growth in the use of digital platforms created to strengthen the connection between customers and financial institutions. We expect Polish Financial Supervisory Authority to follow EBA’s steps and enhance monitoring of the local market.
As a priority, in 2022 the EBA will help competent authorities to deepen their understanding of platform-based business models and the opportunities and risks arising by:
- assisting competent authorities in developing common questionnaires for regulated financial institutions on digital platform and enabler use,
- sharing information with EU supervisory authorities about financial institutions’ reliance on digital platforms and enablers to facilitate coordinated union-wide monitoring,
- developing a framework to facilitate the aggregation of information about financial institutions’ dependencies on digital platforms and enablers to identify cumulative dependencies in the context of the marketing and distribution of financial products and services,
- establishing indicators that could help in assessing potential concentration, contagion, and potentially future systemic risks and could be taken into account in the context of supervision.
The EBA will coordinate the above-mentioned initiatives under its FinTech Knowledge Hub, which allows sharing of supervisory knowledge and experience about the matter on a sectoral and multi-disciplinary basis.
The report is available under the link below: