Fears of US tech influx spur EU to look at pan-European payments, Dombrovskis says

25 February 2019 9:06am
EU banks and fintech companies face being overtaken by tech-savvy US rivals such as Google and Apple unless they pick up the gauntlet of developing a pan-European payments system, a senior EU official has said.

Slow development of instant payments across the EU — such as inter-bank messaging, transfer and settlement systems — is a major barrier to commerce in goods and services within the bloc’s free-trade zone, European Commission Vice-President Valdis Dombrovskis told a conference* in Paris yesterday.

Measures in an existing EU "open banking" law give third-party companies the right to access the bank-account information of customers who say they want to use different payment providers without the hassle of switching accounts.