Payments Council

In its role as catalyst, the Bank of Finland seeks to promote market development to ensure that payment solutions are efficient for society as a whole.

The Payments Council is a cooperation body, created with the purpose of developing Finnish payments. It brings together relevant stakeholders for open discussion and exchange of ideas on payments. The Payments Council acts as an enabler, seeking solutions through open dialogue between users, providers and public authorities.

The Payments Council supports the use of advanced, internationally compatible forms of payment that are efficient for society as a whole, while promoting competition. It aims to promote innovation, and to identify and address obstacles to the development of payments. The Payments Council analyses and assesses changes in the operating environment, current payment initiatives and the impact of regulations.

The Payments Council contributes to the development of payments by adopting common positions and recommendations and by publishing assessments and conclusions. It may express views on and support payment standardisation and development projects. The work of the Payments Council may be presented at the annual Payments Forum.

The Payments Council monitors the work of the Euro Retail Payments Board (ERPB) and the European Forum for Innovation in Payments (EFIP), and may propose items for the ERPB agenda through the Payments Council Secretariat.

The Payments Council is chaired by a member of the Board of the Bank of Finland. The Bank of Finland is responsible for the practical arrangements of the Payments Council.