Eurozone banks must act or get left behind according to European Payments Council President
|- The banks within the Eurozone are at risk of falling behind the blockchain and fintech startups.
- A warning from the EPC president was sent out to banks within the block to act promptly.
Eurozone banks are said to be readying a joint commitment in constructing a real-time payment system, to prevent a mass popularization of Facebook’s new Libra project.
The director general of the EPC (European Payments Council), Etienne Goosse has called for banks to act in a prompt fashion as there is not much time before the traditional financial institutions are outpaced by the newcomers.
He further added that the key features with blockchain and fintech startups bring to the market are what banks simply cannot match right now, and he believes the most important feature was the global access to the markets without too much third-party intervention.
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