In response to the news that broke earlier about the EU’s Instant Payments Legislation, Dan Morgan, Policy Lead, Plaid said:
“The EU’s Instant Payments Legislation is first and foremost a milestone moment for consumers, and will turbocharge the growth of digital finance in Europe. More consumers than ever depend on fintech to quickly and securely move and manage their money, particularly amid a tightening global economy. The legislation will ensure they are better supported. Providers will be unable to charge a premium for pay by bank transactions – meaning it is set to become the fastest, safest and cost-effective payment method for consumer and businesses alike. And as we move towards an open finance future, real time access to all financial data types will help people move and manage their money however they want. This legislation now lays the groundwork for the financial ecosystem to do just that.”