[Dave Birch] The sixth of the lunchtime round tables in the Innovation in Payment series will be held at Waterman's Hall, 16-18 St. Mary at Hill, London EC3R 8EF from 12.30pm-2.15pm on 10th December 2009. Thaer Sabri (Electronic Money Association), Marc Temmerman (Visa Europe) and WIlliam Long (Sidley & Austin) will be on the panel and we will discussing the new regulation around payments in Europe with particular focus on the newly-transcribed Payment Services Directive (PSD) that came into force on 1st November. We want to try and understand the relationship between regulation and innovation, and if you want to join us you can download the full invitation here: December Roundtable (120K).
We all know that SEPA, MiFid, PSD and other initiatives mean that there will be changes in the value chain across the continent. But what does the new landscape mean for innovation? Will we see increased competition between existing providers using existing products, or will we see new providers coming into Europe with new products aimed at cash replacement, retail value-add, the internet, mobile channels, social networks and who knows what else? The creation of Electronic Money Institutions (ELMI) didn’t create the competition in the payments market that the Commission had hoped: will the creation Payment Institutions (PIs) be much different? It is hard to understand the dynamic, especially at a time of economic turmoil, so we need some brains around the table to try and work out what will happen after the current crop of directives, transcriptions, exemptions, derogations, initiatives and rulings.
With the PSD in force since 1st November, it seems a good time to ask will the new regulatory structure help or hinder innovation in the payments business?
Three experts will share ideas about the relationship between regulation and innovation, particularly around the PSD, and draw on their current marketplace experiences to suggest where there may be some winners and losers.
- Thaer Sabri chairs the Electronic Money Association, a trade body for the European retail payment providers (members range from banks to specialist e-money providers).
- Marc Temmerman is Visa Europe's Brussels-based expert on the European payments regulatory framework.
- William Long from Sidley & Austin is an expert on payments regulation and advises a number of major corporates on PSD.
You might never get the opportunity to question them on a panel together again, so please do come along and help us to understand the future relationship between payments and banking by tapping into their collective experience, perspective and knowledge. Attendance is free, but space is limited. So if you or a colleague would like to join us, please let us know as soon as possible by e-mailing sophie (at) csfi.org.uk or by phoning the CSFI on +44 (20) 7493 0173 as soon as possible.
Perhaps the most important use of money - It saves time.
Author W. Somerset Maugham (1943).
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