Discussions on the future of the digital payments landscape have been given further impetus by two papers published by the Euro Banking Association (EBA).
These papers, written by the EBA’s Working Group on Electronic Alternative Payments (EBA e-AP WG), are the result of research and assessment work on alternative electronic payments and cryptotechnologies.
The first document, an opinion paper exploring the Digital Customer Services Interface (DCSI), focuses on different ways the DCSI can be used and the potential benefits for retail and business users. The DCSI is a proposed solution to bridge the gap between electronic alternative payments and traditional account servicing payment service providers. In the paper, an approach is suggested to make the interface a reality.
Vincent Brennan, deputy chairman of the EBA and chair of the EBA e-AP WG, said: “The latest opinion paper published by the e-AP WG advances previous thought-leadership work on the DCSI concept by describing the core concept, its key use cases (including mobile real-time instant payments) and possible ways forward for the industry on this potential future cooperative initiative.
“The members of the EBA working group believe that the financial industry can significantly support and accelerate developments in the digital economy if it succeeds in creating this next level of digital interfacing.”
The second paper, Cryptotechnologies, a major IT innovation and catalyst for change, examines different scenarios whereby organisations involved in transaction banking and payments could position themselves with regard to these new technologies.
Brennan said: “The information paper put together by the e-AP WG provides a hands-on introduction to this topic, which specifically focuses on the practical potential and related implications of cryptotechnologies for the transaction banking and payments area in the short to medium term.”