Payment Services Directive "a positive move" - Carthy
Sinn Féin MEP for the Midlands North West Constituency Matt Carthy has welcomed the positive vote on the Payment Services Directive in the European Parliament last week.
The Payment Services Directive creates new prospects for SMEs and budding start-ups by opening up the banking industry to what are known as Third Party Providers (TPPs). Not only does this opening create more employment and business opportunities but it also allows for more consumer choice.
"As a member of the Economic and Monetary Affairs Committee I have been working on this dossier on behalf of the GUE/NGL group for a number of months and I have been proactively involved in the ongoing negotiations leading up to this vote.
"My role was to engage in trialogues to ensure that sustainable economic growth and growth friendly fiscal measures were centrefold.
“During discussions at ECON preparatory meetings I highlighted the need to break the dominance of the big banks who currently control the payments market to the detriment of small businesses and budding entrepreneurs.
"Moreover, I sought to ensure that the Regulation would strengthen consumer protection and regulate operators who previously functioned with no regulatory or supervisory framework. All competitors will now be forced to comply with financial regulation which is crucial for any economy.
"I welcome this positive vote and I will be monitoring this matter closely in order to ensure that this legislation is enacted as swiftly as possible".