Revolut together with a broad coalition of nearly 30 of the largest Fintech companies and five associations sent a letter to the European Commission, the European Central Bank, and the European Banking Authority calling for a new approach to tackle IBAN Discrimination.
Together we call for clearer rules and stronger cooperation across Europe to stop practices that prevent consumers from paying or being paid to/from their accounts located in another Member State.
Despite IBAN Discrimination has been declared illegal for nearly 10 years, there is a lack of enforcement and clear obligations for payment services providers, merchants, or public authorities to accept non-local IBANs without friction.
Complaints collected by the Accept My IBAN initiative show that every month, hundreds of people complain that they cannot pay for their phone contracts, rent, electricity bills, public transport, or receive social security payouts.
The letter provides a few policy solutions, including extending the prohibition to all EU currencies and establishing a pan-European platform for consumers to complain.
You can read the letter here
Dear Commissioner McGuinness, Mr Campa, Mr Panetta,
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
