ECB Digital Euro Standards Deals Target Integration Costs
Cointelegraph
The ECB has partnered with three standards bodies to adopt open payment standards to reduce digital euro integration costs for financial institutions.Summary
The European Central Bank (ECB) has signed agreements with the European Card Payment Cooperation, Nexo standards, and the Berlin Group to utilize existing open payment standards for a potential digital euro. By adopting standards for contactless payments and merchant connections, the ECB aims to lower technical barriers and integration costs for banks and payment providers across the eurozone. While these agreements help standardize the user experience, they do not fully eliminate the significant implementation costs for banks, which could reach billions of euros. This move is part of the ECB's preparatory efforts ahead of a digital euro pilot program expected in late 2027.
(Source：Cointelegraph)