European fintechs set up organisation to deal with payments directive

The European Third-Party Provider Association (ETPPA) is an official non-profit that has been developed out of the less formal Future of European Fintech coalition.

Members include Bankin’, Eurobits, Sofort, PPRO and Trustly, with the board made up of founding members of each of these companies.

The group has been created to deal with the EU’s PSD2 regulatory technical standards. The EU directive, which took effect earlier this year, deals with the regulation of payment services and payment service providers within the trading bloc.

The ETPPA aims, with the regulation in mind, to push the interests of third party providers such as fintechs. When regulations were initially introduced, it was felt by some that they favoured big banks. Therefore the organisation will work to make sure the voices of challenger banks and the like are heard.