Boosting interoperability and speed while cutting risk, wholesale CBDCs would be a boon for cross-border settlements but are still very much in the experimental phase, making cooperation between central banks vital for success.
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Where:
Strategising retail payments towards a regulated, instant, and interoperable future Register for our upcoming webinar with Finastra on Tuesday 6 July 2021 at 15:00 BST, to join industry experts as they discuss ways to deliver the power of payments to consumers, corporates, and banks.
In September 2020, the
European Commission put forth a Retail Payments Strategy (RPS) for the EU “that aims to further develop the European payments market, so Europe can fully reap the benefits of innovation and opportunities that come with digitisation.”
In what has been dubbed one of the most ambitious programmes seen in recent times, the EC’s mandate intends to bring true strategic value and the power of payments to the forefront for consumer, corporates, and banks alike in Europe.
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2 Spurring a seismic shift in the way financial services operate and are supervised, the pandemic forced regulators to reassess strategy and increasingly adopt new technologies to modernise their processes.
Paul Thomalla, global head of payments at Finastra writes that “regulatory change is firmly on the agenda for 2021 particularly, in the UK, EU, Middle East and Asia.”
Noting the push toward combatting fraud and driving change through real time payments, Thomalla furthers that the European Retail Payments Strategy is core to this moment, aiming to drive innovation in payments systems and the roll-out of instant payments by the end of 2021.