Non-Banks Handed Instant Payments Lifeline If PSD2 Fails To Deliver

The European Central Bank (ECB) is prepared to take action to allow non-banks access to its incoming real-time payment system, particularly if banks show “resistance” around granting fintechs well-functioning access to customers’ accounts.

Speaking at last week’s International Payment Forum in Vienna, the ECB’s deputy director general for market infrastructures and payments said measures are already being considered to let non-bank providers join credit institutions in holding central bank settlement accounts.

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