Further modernisation and enhanced security of the payment process remains a constant priority across the EU and on national level. One of the main targets continues to be provision of high level of security of remotely initiated electronic payment transactions by ensuring the completion of migration to strong customer authentication for card internet payments. Efforts continue for exploiting the full potential of open banking and eliminating any obstacles in the interfaces of payment service providers. In the same vein is the Opinion of the European Banking Authority on supervisory actions to ensure the removal of obstacles to accessing accounts under PSD2, published in February 2021. In order to address the new developments in financial technology the European Commission has already launched a public consultation aiming at update and amendments of the Settlement Finality Directive1. In addition, review of other basic legal acts related to payments as the Payment Services Directive2 and the Electronic Money Directive3 is expected to start by the end of 2021. I wish interesting and fruitful work to the participants in the video conference.
First and foremost, I would like to focus on instant payments introduced in response to the dynamic development of communications, digital services and e-commerce. Instant payments outline the forthcoming changes in payment infrastructure both in the EU and in the country. Their advantage is the possibility for synchronisation between dispatching of goods and receipt of payment. Transferred funds are immediately available, which enhances the security and trust in business relations and in the payment process. In the EU Retail Payments Strategy, instant payments are called ‘the new normal’. The Commission aims at full uptake of instant payments in the EU by the end of 2021. In Bulgaria the project of instant payments in the national currency (BGN) is already at an advanced stage. It has been developed by the BISERA6 retail payment system operatorBORICA AD with the assistance of the BNB as the operator of the national RTGS system RINGS. Recently, the necessary amendments have been made to the legal framework and the payment systems. Technical and functional changes were implemented in the BNB-operated RINGS system that ensure a possibility for making instant payments. The license of BORICA AD as the operator of the BISERA6 payment system was updated, thus allowing the system to process instant payments of up to BGN 100 000. The operator BORICA AD developed the necessary infrastructure that made possible the launch of testing and implementation of the new functionality with market participants. Instant payments are based on the SEPA Instant Credit Transfer scheme.