needs to be further developed. there are substantial differences between banks and non - banks. when we look at financial stability concerns in non - banks, we are looking less at the risk - bearing capacity of the individual institution ’ s balance sheet and more at the potential for contagion and shock amplification through the system and amplification of the broader financial cycle. so the key risks that we look at relate to liquidity, leverage, procyclicality and interconnectedness. a macroprudential framework for non - banks would need to identify and address the key fragilities and externalities stemming from the non - bank sector, and provide the appropriate tools for authorities to achieve this in an efficient and effective manner. such a framework should support the beneficial role that non - banks play in financial intermediation and ensure the sustainable development of non - bank financing. on a note of particular relevance in a monetary union, it would thereby help reap the full benefits of a deep and integrated european capital market. in this respect, the ecb continues to support the further development and deepening of eu capital markets through the capital markets union ( cmu ), not least in the light of the approaching exit of the united kingdom. the united kingdom ’ s departure from the eu ’ s single market will, by its very nature, affect the shape of europe ’ s future financial market architecture. non - bank financing of the euro area 4 / 6 bis central bankers'speeches economy is no exception to this, particularly given the substantial role played by london as a financial hub for european capital markets. planning by the financial industry suggests that brexit may result in a substantial relocation of activity to a number of different euro area countries, which may lead to a multi - centric european financial system. in a financial system with a number of increasingly important hubs rather than one dominant centre in london, it will be more important than ever that these hubs can interact with one another efficiently. this will require policies that foster the integration of eu capital markets by addressing barriers to integration and encouraging supervisory convergence. so brexit is both a challenge and an impetus to our pursuit of the ambitious plans laid out under the cmu. conclusions let me conclude. the institutional architecture of the euro area has markedly strengthened in the last decade. with important new institutions, we have seen more robust supervision of financial institutions and the deployment of macroprudential instruments. this has contributed to strengthening our financial system.

nina stoyanova : forthcoming new developments in the area of payment services and digitalisation publication by ms nina stoyanova, deputy governor and head of the banking department of the bulgarian national bank, in the quarterly bulletin of the association of banks in bulgaria, issue 65, january 2021. digital technologies have changed the financial services provision business, and the payment sector is the leader in this trend. the speed of development of innovations and the scale of technological changes in it require concrete and targeted effort. the pending strategic projects and directions of development of the european payment infrastructure in the short term, as presented in the digital finance package of the european commission of november 20201, are related to the development of instant payments, digitalisation of financial services and support of secure, profitable and interoperable payment solutions within the single market. 1. forthcoming review of the second payment services directive in 2021, there will be a review of the second payment services directive2 ( psd2 ) adopted in 2015 and transposed in the national legislation at the beginning of 2018 with the new law on payment services and payment systems. an analysis of the results of the directive ’ s implementation is expected to cover the following areas : - updating the requirements to technical solutions used by payment services providers for strong customer authentication, which are to ensure high level of security to customers, while being convenient and user - friendly. emphasis will be placed on the so - called ‘ nontransmittable ’ elements, such as biometrics. this presupposes gradual decrease in the use of elements with lower degree of security, such as static passwords, and limiting the use of older technologies and communication channels that are prone to attacks ( such as sms text messages ) ; - prevention of new types of fraud, particularly in the context of instant payments, as well as strengthening payer ’ s protection and regulating a chargeback procedure in specific cases ( e. g. an error ), which would make instant payments come close to card transactions ; - review of the possible exceptions from applying strong customer authentication, such as contactless card payments, also exploring the possibilities for introduction of an individual limit set by the customer, for which no pin entry is required ; - potential measures to reduce the risk of fraud due to ‘ social engineering ’ or ‘ targeted phishing ’, with a possible requirement for a match between the names of the payee to the payment transaction and the account holder, and the implementation of technological solutions for validation of the e - mail