EU digital transformation in train

The European Commission has announced a significant upgrade to payments rules along with a new financial data access framework. Charlotte Hill and Daniel Hirschfield review the package of reforms as well as what it means for consumers, the payments industry and the financial sector more generally.

Charlotte Hillis a partner and head of the Financial Services Regulatory group at Taylor Wessing in London, whereDaniel Hirschfieldis senior counsel - Knowledge. Contact them onc.hill@taylorwessing.com andd.hirschfield@taylorwessing.com.

On 28 June 2023, the EU Commission proposed an overhaul of the current payment services regime and a new framework for financial data access. The measures announced by the Commission aim to ensure the financial sector in the European Union is 'fit for purpose' [1] and is able to adapt to the impact of digital transformation along with the resulting challenges and opportunities. They seek to put "consumers' interests, competition, security and trust at the centre". [2]