reuters.com
www.reuters.com

  • ECB selecting banks that want to take part in pilot phase

  • ECB setup costs to reach around 1.3 bln euros, Cipollone says

  • Banks to pocket fees, won’t have to pay system costs to ECB

  • Merchants will also have an incentive in terms of cap on fees

  • muelltonne@feddit.orgEnglish
    15·
    2 months ago

    As of January 2026, there were a total of 4,633 credit institutions operating in the European Union

    So that 6 billion is 1,3 million per bank spread over 4 years. So 323.764€ per year. That actually sounds unrealisticly cheap.

  • Pip@feddit.orgEnglish
    4·
    2 months ago

    That’s incredibly cheap. Crazy how long it took to get to this point.

    • dubak@feddit.orgOPEnglish
      3·
      2 months ago

      ECB will not develop apps. ECB will offer an API and regulate and license the API access to providers like banks. The providers will then develop apps and other tools that will be accessible to users. They will have to use their own financial resources as stated in the report, which as usual won’t result in open access apps. Possibly, ECB API will be an open banking API.