Governor Erkki Liikanen: Bank of Finland to assume an active role in developing payment systems

Releases Press release number 20 Tuesday 29 May 2007, 12:00 AM
‘The Bank of Finland wants to promote the development of an efficient and modern payment system in Finland and Europe as a whole’. This was the message of Erkki Liikanen, Governor of the Bank of Finland, in his address at the opening ceremony of a Payments Forum organised by the central bank in Helsinki.

Those invited to the first Payments Forum included representatives from the payments industry, such as banks, other corporations, and representatives from the public sector. The purpose was to discuss the future outlook for payment systems. Legislative reform, market integration and technological progress will exert substantial pressure for change in Finnish payment systems over the next few years.

‘Great strides have been made in the creation of the single market, whereas payment systems have not been at the leading edge of integration developments. From now on, choices need to be made at the European level, rather than according to national requirements,’ Governor Liikanen noted.

The Payments Forum is part of the Bank of Finland's strategy to encourage payment-related cooperation in Finland. The purpose is to identify both common views on the development of payment systems and effective European channels of influence. Other aims are to ensure automated financial management tools for both corporate and public sectors and to promote high-quality information security solutions.

The Payment Services Directive adopted by the European Parliament at the end of April is aimed at harmonising EU legislation on payments. The directive promotes competition by making a larger variety of payment services available to users and by enhancing security and efficiency in payment services. The Directive adds momentum to the realisation of the Single Euro Payments Area (SEPA).

Peter Nyberg, Director General, Ministry of Finance, told the Forum: ‘In order for common rules and systems to meet Finnish requirements, the relevant parties need to join their forces, not only domestically but also internationally. Issues important for Finland must be identified and a systematic approach must be adopted for the building up of a common strategy’.

The Bank of Finland will contribute to these objectives by organising such fora on an annual basis. A report on the first Payments Forum will be released in June and will serve as a basis for continued efforts to specify a common strategy. Presentations at the Payments Forum can be accessed from the Bank of Finland's website (in Finnish only): (http://www.suomenpankki.fi/globalassets/fi/rahoitusmarkkinat/km_yhteistyo/maksufoorumi.htm), 30 May 2007.

For further information, please contact: Päivi Heikkinen, Economist, tel. +358 10 831 2137.