Fintech has produced the potential for the design and implementation of progressive financial-services that can better serve consumers' needs with regards to speed and ease. Innovative developments that lead to better services can support commerce, in particular e commerce, as well as productivity and income development.
To fulfil its mandate below the Treaty, the Eurosystem is dedicated to maintaining action with innovation in financial services while, simultaneously, safeguarding the security and effectiveness of the financial market infrastructure. It's essential that individuals respond to the improved digitalisation of our culture, offering effective and innovative solutions to our economy, which has an influence on the lives of most Europeans. In the context of those developments, there exists a certain need for instant payment options by clients. Along with the industry needs to deliver options in light of the worldwide opposition in this regard, also to support innovation. Europe has the ability to innovate and provide integrated solutions to any or all actors – people, business, retailers – and we should do our utmost not to drop supporting the curve. Consequently, we should ensure that customer repayments could be effected immediately but within a market infrastructure that is sound and safe unhindered by borders in Europe, just as we do with euro bank notes. In this vein, the ECB will preserve an option for clients by facilitating the market infrastructure required for the take-up of instantaneous repayments across Europe – in a fully-integrated way, fostering “domestic” remedies for the euro. Customers can carry on to pick the payment approach they choose. Instant repayments are coming and will most probably be the favored payment technique for the era that is new.