ECB warning over Fintech pressure as more regulation 'likely'

ECB warning over Fintech pressure as more regulation ‘likely'. As quoted in Payments Compliance, Rupert Casey responds as follows.

“Everybody is moving towards multiple platforms now, so there is a need to ensure one method works with all, and the regulation is there to provide that stability. This ties in with goals of standardisation and harmonisation that the EU tends to push.”

Rupert said technologically neutral definitions were a method of “future-proofing” the directive rather than aiming to cut out a competition aspect.

“On a more practical level if we take the example of mobile phones, early models could only fit 170 characters on their screen. If that were the standard you would have to rewrite legislation, terms of use, all documentation relating to this which would be pointless if a new product comes along with better developed technology and suddenly you can’t read the screen.”