Apple Pay, for example, allows banks’ debit and credit card holders to set up an Apple wallet to make payments.
But the EU watchdog said reliance on digital platforms for marketing and distribution of services creates new forms of financial, operational and reputational interdependencies.
The trend is posing “some challenges” for regulators in monitoring market developments and any risks from these interdependencies, the watchdog said.
EBA said it proposes to develop a framework next year to collect information about dependencies among banks on digital platforms, and create indicators to assess potential concentration, contagion and systemic risks.
EBA said a small number of banks say they had encountered some issues in accessing digital platforms on terms they considered fair.
Regulators, Big, Finance, Apple, Google, Citi, ”, EU