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ECB selecting banks that want to take part in pilot phase
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ECB setup costs to reach around 1.3 bln euros, Cipollone says
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Banks to pocket fees, won’t have to pay system costs to ECB
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Merchants will also have an incentive in terms of cap on fees
that is about 3% of what they spend every year on IT‑system maintenance," Cipollone said.
Just to put the number into context.
It’s not going to cost them net anything though. 4b to setup and then fees for as long as the currency lasts…so they’ll recoup all their costs and then it’ll be free money
Sounds like a good idea to get away from mastercard and visa and the like. They are beholden to the US and will continue to abuse their market position for their callous goals. Not that the EU is a trustworthy player but they will at least have their own representatives trying to get over on them and not American ones.
Banks = shit, not ALL but most… right now we should be getting away from US, but wouldn’t be surprised when AI bubble pops we suffer repercussions because our banks also had money there
Plus. What’s this about fees? There shouldn’t be fees
I couldn’t agree more. I don’t know much about European banks, but the American ones are some of the worst companies in the world, since 1999 when they cancelled the depression era rules that prevented them from operating nationally and mixing investment and commerical banks, and importantly where they cancelled a provision that the writer of a security, like a mortgage, had to hold a percentage of that security until maturity, to give them incentive to write good loans and not fob them off on suckers.
It worked, until they cancelled it. Big banks gouge us with fees, they try to overdraft us. I always canceled overdraft protection and they reinsitute it every year without explicitly telling you. If you depositing money, then made withdrawals, they would not clear your check, for the purposes of charging you multiple overdraft fees after 2008. Like normally a paycheck would be available at least party right away, but they were maximizing fee revenue, and made billions extra in fees after 2008 when our tax dollars bailed them out for their perversions of the market.
I use credit unions, I can’t overstate how much I hate big banks, for so many reasons.
Also, some European countries use mostly VISA and others mostly Mastercard. It’s unreliable and a hassle for bank users who come from one country and need to pay in another.
As of January 2026, there were a total of 4,633 credit institutions operating in the European Union
So that 6 billion is 1,3 million per bank spread over 4 years. So 323.764€ per year. That actually sounds unrealisticly cheap.
That sounds cheaper than fees to other systems.
That’s incredibly cheap. Crazy how long it took to get to this point.
Perhaps it’s 4-6 billion each.
And we get open source apps and infrastructure for that money, right? Because independence etc?
ECB will not develop apps. ECB will offer an API and regulate and license the API access to providers like banks. The providers will then develop apps and other tools that will be accessible to users. They will have to use their own financial resources as stated in the report, which as usual won’t result in open access apps. Possibly, ECB API will be an open banking API.
Removed by mod
Komplett ungeeignet für Zahlungen unter 20€ oder so
Der Energieverbrauch ist extrem, es hat keinen Schutz vor Geldwäsche, Wallets laden extrem lange.
GNU Taler?
