The Bank of Finland (BOF) has taken the lead in coordinating the development of a Finnish instant payment solution that aligns with European standards.
The Bank of Finland (BOF) has taken the lead in coordinating the development of a Finnish instant payment solution that aligns with European standards. Tuomas Välimäki, a member of the BOF board and the European Central Bank's Governing Council, announced this initiative on October 19.
Välimäki emphasized the importance of the digital euro, calling it the most relevant project in the European payment sector. In partnership with the European Payments Council, the Bank of Finland seeks to develop an instant payment solution for Finland based on credit transfers that is independent of payment card rails. This action comes as the European Central Bank's governing council begins the preparation phase for the digital euro initiative, focused on finalizing rules and identifying possible issuers.
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