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EU banks' homegrown payment system welcomed by ECB to head off rivals

( November 26, 2019, 09:33 GMT | Official Statement) -- MLex Summary: An initiative by EU banks to launch a new bloc-wide payment system has won European Central Bank support. The ECB said to keep depending on foreign providers — such as Visa, Mastercard or PayPal — would endanger the EU's strategic autonomy. Proponents of the new system, relying on an existing instant credit-transfer protocol known as SCT Inst, should now set out a roadmap for completing the project and comply with EU competition rules, said ECB executive board member Benoît Cœuré in a speech.Statement follows. ...

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