Ananda Kautz is head of innovation, digital and payments, at ABBL, the  Luxembourg Bankers' Association Vio Dudau

Ananda Kautz is head of innovation, digital and payments, at ABBL, the  Luxembourg Bankers' Association Vio Dudau

The coming year is a special one in digitalisation, according to the Luxembourg Bankers’ Association’s head of innovation, digital and payments Ananda Kautz. So what can we expect?

“It’s all about payments in 2023. Instant payments and the European Payment Initiative will bring innovations to the market, while important steps will be taken on stablecoins and a possible digital euro.

The ISO20022 single standard migration completes the picture for end-to-end automation in payments.”

A series of frameworks and legislation will make 2023 a big year of preparation for the Luxembourg banks. “The Digital regulatory agenda by the European Commission will be dense in 2023: open finance, data act, artificial intelligence act, digital ID, in addition to Markets in Crypto-Assets and the Digital Operational Resilience Act. In this context, ABBL is looking for opportunities to collaborate with fintech,” said Kautz.

Security for customers and financial market stability will be of extreme importance. “The Digital Operational Resilience Act will put in place safeguards. Meanwhile, considerations over cybersecurity, access to data, and agile infrastructure like the cloud will be at the forefront of our members’ priorities. All digital teams are busy!”