*  *  *  It is a great pleasure for me to open the conference on non-banks in payment market. In 2007 Federal Reserve Bank of Kansas City hosted a similarly titled conference. It was the time when Europe was still debating the modalities of the upcoming PSD and Steve Jobs just introduced the first iPhone to the world.
Now we have iPhone 6 and PSD2 and because of the another innovation by Apple over that time – ApplePay the link between the two is relevant more than ever. Let me briefly elaborate on two points: who non-banks are and why they are important for us.