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European Central Bank moves EU real-time payments along

Wednesday 11 January 2017 13:03 CET | News

The European Central Bank (ECB) has been making progress towards cheaper real-time payments across EU Member States.

The ECB is ramping up its effort to develop a real-time cross-border payments system across the EU. The ECB recently released its roadmap to achieve the goal, according to reports developed by the European Payment Council.

According to reports, the ECB estimates that cost-per-transaction won’t be larger than one euro cent, and it has a goal of having financial service providers settle cross-border transactions for a half-euro cent.

Researchers have highlighted the excessive fees charged by banks to complete a cross-border transfer as fintech innovators have emerged to offer more competitive rates.

Reports noted that the ECB will decide in June 2017 whether or not to pursue the development of this service based on the roadmap it has just released.

The launch of a real-time cross-border payment service is only part of the ECB’s broader efforts to improve financial services across the EU. In 2016, the ECB announced a plan to create a pan-EU database to track cybercrime at commercial banks and develop an “early warning and analysis system” for those lenders.


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Keywords: European Central Bank, EU, real-time payments, Member States
Categories: Payments & Commerce
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Countries: World
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Payments & Commerce