European banks want to set up their own payment system. You anticipate investments of 1.5 billion euros initially.
(Photo: E + / Getty Images)
Frankfurt A directional decision has been made for the development of a planned new European payment system. According to Handelsblatt information, the German savings banks are releasing funds for the European Payment Initiative (EPI). The entire board of the German Savings Banks and Giro Association (DSGV) voted on Monday for a corresponding investment.
With EPI, Europe’s financial institutions want to become more independent from powerful US corporations such as Mastercard, Visa and PayPal. Specifically, it is about 148 million euros for the savings banks. The DSGV did not want to comment on this.
Overall, Europe’s banks, including the German savings banks, will have to spend less money on building EPIs than feared. Instead of a good four billion euros, the institutes now only expect an investment requirement of just under 1.5 billion euros over the next five years.
Read on now
Get access to this and every other article in the
Web and in our app for 4 weeks free of charge.
Further
Read on now
Get access to this and every other article in the
Web and in our app for 6 weeks.
Further