The European Central Bank (ECB) has selected 36 banks in the Eurozone as payment service providers to participate in the digital euro pilot program in 2027.

The objective is to conduct tests to verify the functionality and operational processes of the region’s digital currency through practical trials with consumers, businesses, and payment service providers.

The participants “were selected from more than 50 candidates across the euro area”—including Deutsche Bank, UniCredit, Revolut, Adyen, and Stripe—“and will work alongside the ECB and 19 national central banks in the euro area, with the exception of Bulgaria and Malta, during a 12-month pilot exercise.”

Last week, ECB President Christine Lagarde welcomed the European Parliament’s decision “to begin negotiations on the legislation and reiterated that the digital euro is intended to complement, not replace, cash.”

M.Pino

Source: euronews

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The European Central Bank unveiled its new platform for payments using the digital euro. Around 70 entities are participating in the initiative, including banks, fintechs, startups, and payment service providers.

The ECB had been working on this project with the aim of “assessing its feasibility and functionality before its possible official implementation” for digital transactions in the eurozone.

Following the call for proposals for this application in October 2024, working groups were formed to analyze aspects such as automatic transactions, technical support, access to financial services for the unbanked, and the necessary digital devices.

One of the proposals they are considering is “the possibility of opening digital wallets in post offices, which would ensure that any citizen can use the digital euro without the need for traditional banking infrastructure.”

M.Pino

Source: iproup

(Reference image source: Paris Bilal on Unsplash)

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The Twenty-seven have adopted this Monday their position so that payment service providers, such as banks, which offer standard credit transfers in euros, also offer the service of sending and receiving instant payments and that, in case there are applicable charges, these are not higher than those that apply for standard credit transfers.

In addition, the new rules will improve the strategic autonomy of the European economic and financial sector, as they will help to reduce any excessive dependence on financial institutions and infrastructures from third countries.

In its position, the Council specifies that the implementation of the new rules will occur faster in member states that are inside the euro area, while for payment service providers located in countries outside the euro area there will be a lead time. gradual implementation.

In the first phase, they will be required to make instant payments only during business hours and, in a second step, the same rules as for payment service providers in the euro area will apply.

On the other hand, sending instant payments in euros from accounts in other currencies will only be mandatory during business hours for those payment service providers that also make standard transfers in euros.

Furthermore, the Council has included a review clause with the requirement that the Commission present a report containing an assessment of the evolution of charges for national and cross-border credit transfers and instant credit transfers, both in euros and in other national currencies. of the member states.

Now that the Council has settled its position on the proposal, it is ready to start negotiations with the European Parliament to agree on a final version of the text.

Source: dpa

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La entrada The 27 support new rules to improve the availability of instant payments in euros apareció primero en Bitfinance.