Leading study of payment innovations 2025

Open Banking by PSD2 - results and perspectives

14th TIME Economic Forum 2022 


“PayTech Impact.EU”

„The impact of the development of FinTech and legal regulations on innovations in the payment services market of the European Union: strategies of the financial sector and consumer needs” is an independent non-commercial research project funded by National Science Centre, Poland under the grant No. 2017/26/E/HS4/00858. 

The project aims at gaining a better understanding of the changes such as impact of the PayTech development and of legal regulations such as PSD2 and GDPR on the introduction of innovations in the European Union payment services market.

The study is conducted at Nicolaus Copernicus University in Toruń in partnership with the European Banking Federation, the European Payment Institutions Federation, the Polish Bank Association and Febelfin. The Paypers is the media partner of the study.


Research Objectives 

The study comprehensively explores the impact of PayTech development and laws on the introduction of innovations in the payment services market, taking into account consumer needs and the strategies of the financial sector strategies.

This approach allows obtaining deeper understanding of the following key areas:

• Banks’ and non-bank financial institutions’ strategies towards payment innovations.
• The impact of innovation-centric regulations on the financial sector in Europe.
• The role of Open API infrastructure as a starting point of financial innovations.
• Cooperation or/and competition relations between market players after PSD2.
• Existing & future portfolios of payment innovations for the EU market.



The study consists of two parts:

1. An institutional Survey, in which respondents are banks and other payment services providers in the EEA. All the information gathered in the excel questionnaire will cover the whole institution. Filling out the excel file should be done as a teamwork exercise.

2. An experts Survey, in which respondents are experts from the payment services market in the EEA. All the information gathered in the online questionnaire will cover the opinion of individual experts.

Additionally, the research project also consists of a consumer survey covering 21 countries. This approach will provide insights for the future of the payment market from both the institutions’ and consumers’ perspectives.


Experts recruitment

Experts are recruited for the survey based on their experience and competences: 

1. Individuals working for banks, payment providers and other financial institutions, payment sector associations and working groups, as well as IT & consultancy companies specialising in payment solutions.
2. Each of the entities participating in the institutional study can appoint a maximum of three staff members to fill in the expert survey. These should be personnel working in different areas.  


Compensation for participation
in survey

As compensation for the respondents’ time and cooperation in filling in this survey, we will share
with them the main insights from the research in the form of an Executive Summary
once the whole study is completed.

What we can offer after completion of the study

After contacting us, we are willing to present the results at the institution’s conferences or other events, to discuss the results and put the knowledge gained by the European payment sector to the best possible use. 

We also are willing to hold a workshop on the findings of the study with a range of conclusions adjusted individually.

Project partners

Project Office

of Economic Scences and Management Gagarina Str. 13a, 87-100 Toruń, Poland 



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