ECB determined to push forward its payment system - Mersch
[BRUSSELS] The European Central Bank is "determined" to push forward an instant payment system it launched last year through regulatory moves if the service failed to spread through collaboration with the industry, ECB board member Yves Mersch said on Tuesday.
"We will do it either through our collaborative, cooperative efforts together with the industry or we will do it through our regulatory capacity," Mr Mersch told a fintech conference in Brussels.
The ECB's TARGET Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euros to each other within seconds and regardless of the opening hours of their local bank.
This is seen as a direct challenge to US firms like PayPal, Google, Facebook and Amazon, and China's Alibaba and Tencent which currently dominate such services in Europe.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say