ECB Considers Development of Instant Cross-Border Payment Solution
Quite an ambitious plan, as it would reduce the current fee structure to near zero. The ECB will decide whether or not this service will be developed in June of 2017. The European Central Bank unveiled its plan to offer instant payments in the European Union. To be more precise, this service will ensure the transactions cost less than one recent to complete. A market consultation is underway to determine the user requirement for developing this service. In a way, the ECB plans to compete with Bitcoin for instant and cheap transactions across borders. According to the ECB, 2017 is a....
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ECB’s interest in identifying the best cross-border payment solution stems from the fact that it serves as the central bank of the 19 European Union countries which have adopted the euro. A recent study conducted by the European Central Bank (ECB) on identifying the ultimate cross-border payment medium crowned central bank digital currencies (CBDCs) as the winner against competitors, including banking, Bitcoin (BTC) and stablecoins, among others.ECB’s interest in identifying the best cross-border payment solution stems from the fact that it serves as the central bank of the 19 European....
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Digital payments can deliver better immediacy and ubiquity than traditional retail payment systems and, therefore, could revolutionize payments, according to a recent Deutsche Bank research paper. The paper, titled "Instant revolution or payments? The quest for real-time payments," recognizes bitcoin and the blockchain as playing an important role in payment technology as the need for real-time payments expands. In tackling the complex topic of instant payments, the paper reviews the different definitions of instant payments and establishes what it considers a good working definition. The....