„Key priority of our retail payments strategy is the full deployment of instant payments. Here, too, the industry has a decisive role to play, facilitated or guided by the authorities,” said Fabio Panetta, Member of the Executive Board of the ECB, in a introductory remarks at the 14th Payment Forum of Suomen Pankki − Finlands Bank, Helsinki, 19 May 2021.
He continues: „On the operational side, the Eurosystem has taken steps to ensure the pan-European reach of instant payments by the end of 2021 through our TARGET instant payments settlement service (TIPS). But we know that the private sector, by contrast, has made far less progress on this front.
The next step is for payment service providers to offer instant payments at attractive and transparent conditions. This means that prices should be neither excessive nor hidden to consumers. While the cost for service providers of using TIPS is 0.20 eurocent (€0.002) per instant payment transaction, instant payments are sometimes offered to consumers for €1 per transaction. This must change.”
Panetta concludes: „For instant payments to become the new normal, they must be cheap and easy to use. We would also like to see providers make instant payments available on all commonly used electronic channels and offer much-desired functionalities such as Request-to-Pay (…) Payments that cross the EU border must become cheaper, easier and faster.”
Speech: At the edge of tomorrow: preparing the future of European retail payments
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
