SIA Joins European Digital Payments Body EDPIA

The European Digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Industry Alliance (EDPIA), a body advocating the growth of digital payments in Europe, recently added SIA, a company building in payment services and infrastructures, as its newest member.

Announced on Monday, SIA has become the fifth member of the body. It will be included among the founding members: Ingenico Group, Nets, Nexi, and Worldline.

Welcoming the new member, EDPIA president Kathy Anderson said: “It is a very important first development of our joint major initiative launched in May 2020, demonstrating the attractiveness of our Alliance and of its ambition to unite all the independent European payment players to strongly and constructively contribute to the ongoing policy and regulatory debates and to actively promote the digital payments on our Continent.”

Finance Magnates reported on the formation of the body last May.

Impacting The Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Policymaking in Europe

As mentioned, its main aim is to engage in policy discussions that have an impact on the EU payments sector. It will also bring instant, secure, and frictionless payments closer to EU citizens, businesses, and public bodies.

Further, it is the only trade body that represents specialized digital payment service providers centralized in Europe that do not directly engage in banking services.

SIA is a subsidiary of CDP equity and offers technology infrastructure and services to financial institutions, central banks, and also corporations across 50 countries.

“We are particularly proud to join EDPIA and to contribute further to accelerating the development of digital payments in Europe,” Nicola Cordone, CEO of SIA, added.

“SIA supports this initiative by leveraging its know-how, expertise, and people in leading the innovation of digital pan-European payment services at world-class standards. For over 40 years we have proudly put citizens, corporates, financial institutions, central banks, and the public sector at the center of the digital payments revolution.”