European banks will join the system of instant payments as a response Libra

By the end of 2020, all European banks are planning to join the system of instant payments. This will be a response to the threat posed to the banking system by the Libra cryptocurrency project.

The system of instant payments has existed in Europe since 2017, but so far just over half of the banks in the region have joined it. In addition, it is mainly used for domestic, not international payments.

Etienne Goosse, CEO of the European Payment Council (EPC), noted that “time is running”, and even if the Facebook project is not successful, large fintech companies will remain that pose no less a threat to banks.

“They come with a global solution, under a global brand, and offer many opportunities needed by consumers. We do not have time, ”- said Guss.

He also stated that although now about 60% of European banks are connected to the system of instant payments, it does not work well enough. Without full bank coverage, the system cannot work efficiently. In addition, it is necessary to launch a common for Europe settlement system and a clearing mechanism.

Recall that the Libra project was presented on June 18, and the launch of the steablocoin is to be held in 2020. The announcement of the project created a sensation among officials, as well as among big business and banks. So, the Big Seven intends to form a working group for the study of steyblecoin.

In addition, as previously reported, 7 partners of the Facebook cryptocurrency initiative still doubt the success of the project.