The Council of the European Union has adopted a new regulation that will make instant payments fully available in the euro currency to both consumers and businesses, across all EU and EEA countries.
The new regulation has been introduced to improve the strategic autonomy of Europe’s economic and financial sectors, reducing what the bloc calls ‘excessive reliance’ on third-country financial institutions and infrastructures. This would include the likes of Visa and Mastercard, US firms that have worldwide dominance in the payments processing landscape.
