The ECB’s TARGET Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euros to each other within seconds and regardless of the opening hours of their local bank This is seen as a direct challenge to U.S. firms like PayPal, Google (NASDAQ:GOOGL), Facebook (NASDAQ:FB) and Amazon (NASDAQ:AMZN), and China’s Alibaba (NYSE:BABA) and Tencent which currently dominate such services in Europe.
But, as European banks have so far been slow in joining the system, the Commission is studying possible measures to facilitate its use.
“We are reflecting on whether a stronger regulatory push would be needed to speed up this process,” the EU Commission’s Vice-President in charge of financial services Valdis Dombrovskis told a fintech conference in Brussels.
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