EACT supports the European Commission’s proposal for a new Digital Finance Strategy for Europe

The EACT published today its response to the European Commission’s (EC) consultation on a new Digital Finance Strategy for Europe. In our response we emphasise the importance of balancing innovation with adequate end-user protection when developing a new Digital Finance strategy.

In our view a dedicated Digital Finance Strategy could deliver several benefits to EU end-users of financial services – ranging from harnessing the benefits of more interconnected data flows and more cost-efficient access to financial services to a potential simplification of compliance processes, such as those for AML, through use of digital solutions.

We also highlight that a regulatory framework on the use of Artificial Intelligence and related solutions such as Machine Learning and Robotic Process Automation could facilitate a greater uptake. Some of these solutions are already starting to be used in corporate treasury and clarifying questions of liability and creating legal certainty for end-users could accelerate this process.

Download EACT Response to Consultation (PDF)