The Bank of Finland (BOF) is coordinating the creation of a Finnish instant payment solution compatible with European standards. Tuomas Välimäki, BOF board member and member of the Governing Council of the European Central Bank (ECB), made the announcement on Oct. 19.
Välimäki revealed that the Bank of Finland is actively promoting the development of new forms of payment. The official called the digital euro “the most topical project” in the European payment sector:
“The possible introduction of a digital euro would give consumers the option of paying with central bank money wherever electronic payment is accepted.”
According to Välimäki, the Bank of Finland and the European Payments Council are also involved in creating a Finnish instant payment solution. This payment solution will be based on credit transfer and not depend on payment card rails.
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On Oct. 18, the…
