Sabine Lautenschläger, Member of the Executive Board of the European Central Bank, focuses on instant payments as the new challenge currently facing payment stakeholders in Europe.
Technological innovation and evolving user needs are reshaping the market infrastructure and payments landscape on a global scale.
Cooperation between European market players is essential to reap the opportunities and address the challenges deriving from such change. Cooperation is also key to the continuous provision of efficient and safe payments services in Europe. And cooperation is indispensable for Europe to remain competitive in the global payments market.
The ECB strongly supports such cooperative spirit, as shown by the work of the ERPB.
With instant payments, European stakeholders have developed a competitive and new payment instrument. Why not take advantage of this potential? Current achievements, such as SCT Inst and TIPS, should facilitate future work towards increasing the efficiency of the European payments market.
Pan-European solutions based on instant payments would be a chance for Europe to strengthen its role in payment innovation to the benefit of all EU citizens and businesses.
Ms Lautenschläger ends her speech saying: “Let us work together on this future-oriented approach and help Europe going forward.”
Full speech
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