Getting the balance right: innovation, trust and regulation in retail payments

Joint European Central Bank/Suomen Pankki Conference

4 - 5 June 2015

Finlandia Hall, Helsinki, Finland

Conference programme
Overview of speakers

The European Central Bank and Suomen Pankki are hosting a conference to help identify possible developments and dynamics that will shape the future retail payments landscape and to provide a forum for debate among market participants, policymakers, regulators and researchers. Participation is by personal invitation only.

The programme will include policy and academic sessions on the following themes:

  • Payment choice and global payments
  • Retail payments in a digital era - faster, cheaper, easier?
  • User experience, behaviour and trust in retail payments
  • Innovators, regulators and the competition-cooperation nexus
  • Efficient and safe future payments: determinants, opportunities and challenges

Conference agenda and documentation

Thursday, 4 June 2015 (am)
08:00
Registration and coffee
09:00

Conference opening
Erkki Liikanen, Governor, Suomen Pankki

Introductory speech
Yves Mersch, Member of the Executive Board, European Central Bank

09:30

Keynote speech: Retail payments in the Digital Single Market
Andrus Ansip, Vice-President, European Commission, Digital Single Market

10:00

Panel discussion: Getting the balance right: innovation, trust and regulation in retail payments
Chair: Yves Mersch

Introductory remarks
Jonathan Faull, Director-General, European Commission

  • Pieter van der Does, President & CEO, Adyen
  • Lorenza Martinez Trigueros, General Director, Banco de México
  • Anne-Sophie Parent, Secretary General, AGE Platform

Questions and answers

12:00

Academic keynote address: The Political Economy of Payments Improvement: An Outsider's View
Charles M. Kahn, Professor of Finance and Fred S. Bailey Memorial Chair of Finance, University of Illinois

Chair: Seppo Honkapohja, Member of the Board, Suomen Pankki

Questions and answers

Thursday, 4 June 2015 (pm)

Parallel streams: policy sessions and academic sessions (Theme I and Theme II)

Policy sessions

14:15

Theme I: Payment choice and global payments

Policy panel: Global payments: drivers and challenges

Chair: Klaus Löber, Head of the CPMI Secretariat, Bank for International Settlements

  • Thomas Lammer, World Bank
  • Magnus Lind, Treasury Peer
  • Lukas May, TransferWise
  • Dirk Schrade, Deutsche Bundesbank
  • Christian Westerhaus, Deutsche Bank

Questions and answers

16:15

Theme II: Retail payments in a digital era - faster, cheaper, easier?

Policy panel: How does technical development affect the retail payments landscape?

Chair: Wiebe Ruttenberg, Head of the Market Integration Division, European Central Bank

  • Vincent Brennan, Bank of Ireland
  • Francesco Burelli, Innovalue
  • Nilesh Dusane, Ripple Labs
  • Raul Morales, CEMLA
  • Sirpa Nordlund, Mobey Forum

Questions and answers

Academic sessions

14:15

Theme II: Retail payments in a digital era - faster, cheaper, easier?
Chair: Leo van Hove (Professor, Vrije Universiteit Brussel)

Questions and answers

16:15

Theme I: Payment choice and global payments
Chair: Santiago Carbó-Valverde, Professor, Bangor Business School

Questions and answers


Evening

Dinner speech by Governor Erkki Liikanen

Friday, 5 June 2015 (am)

Parallel streams: policy sessions and academic sessions (Theme III and Theme IV)

Policy sessions

09:00

Theme III: User experience, behaviour and trust in retail payments
Policy panel: The case for instant payments – need or expectation?
Chair: Päivi Heikkinen, Head of the Cash Department, Suomen Pankki

Questions and answers

11:00

Theme IV: Innovators, regulators and the competition-cooperation nexus

Policy panel: How best to reconcile the regulatory agenda and innovation?

Chair: Helmut Wacket, Head of Oversight Division, European Central Bank

  • Domenico Gammaldi, Banca d’Italia
  • Douwe Lycklama, InnoPay
  • Michael Salmony, Equens
  • Javier Santamaria, Banco Santander, Chair of the European Payments Council
  • Irmfried Schwimann, European Commission, DG Competition

Questions and answers

Academic sessions

09:00

Theme IV: Innovators, regulators and the competition-cooperation nexus
Chair: Ron Berndsen, Professor, Tilburg University, De Nederlandsche Bank

Questions and answers

11:00

Theme III: User experience, behaviour and trust in retail payments
Chair: Jouko Vilmunen, Head of Research, Suomen Pankki)

Questions and answers

Friday, 5 June 2015 (pm)
14:00

Joint policy/academic panel: 2020 and beyond: payments in a 24/7/365 connected world
Pierre Petit, Deputy Director General Market Infrastructure and Payments, European Central Bank

  • Santiago Carbó-Valverde, Bangor Business School
  • Shuji Kobayakawa, Bank of Japan
  • Antonio Massanell, Cecabank, Caixa Bank, European Savings & Retail Banking Group
  • Erkki Poutiainen, EBA Clearing, Nordea

Questions and answers

Closing remarks
Questions and answers

More information

Central banks in the euro area strive to strike the right balance between improving the efficiency of retail payment services, safeguarding trust in payment systems and fostering further market integration in an environment that is still prone to fragmentation. This is a substantial challenge, as retail payment markets have undergone a major transformation process over recent years.

In Europe, harmonised SEPA payment instruments have just replaced national credit transfers and direct debits, resulting in billions of monthly payments now being based on the same business and technical standards. Two important EU legislative initiatives (proposals for a revised Payment Services Directive and a regulation on interchange fees) will continue to affect the retail payments market, especially the card payment business and the market for innovative payment services. Another new piece of EU legislation (the Payment Accounts Directive) will bring about a high degree of price transparency in payment account services and aims to promote financial inclusion. Technological advances are driving the development of an increasing variety of services, including new person-to-person payment solutions and instant payment services for end users. New concepts of market structure and new types of business model are being discussed and could be put into practice.

All the above will have an impact on payment behaviour and payment methods used. It may raise new questions on how to ensure trust in retail payment schemes and systems. In addition, owing to regulatory and technical developments both in Europe and beyond, new players are entering the market, challenging the role of the incumbent payment service providers and their payment solutions. Furthermore, the continuous trend of globalisation and growing international trade has fostered the call for more efficient cross-border payment solutions.

Call for papers
Retail payments

Contact: