Banks in Europe have defended their approach to innovation after a European Central Bank (ECB) policymaker blamed the dominance of US and Chinese payments giants in the region on the defensive strategies of traditional institutions.
Yves Mersch, a board member at the ECB, on Monday knocked banks for their “resistance” to the objectives of the revised Payment Services Directive (PSD2) and “defensive” tactics when it comes to granting technical access to innovative third-party providers.
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