The European Central Bank (ECB) is accelerating its digital euro initiative by integrating a new cloud-native payments technology into its innovation platform.
With the move, the ECB looks to enable banks to rapidly support new services, from traditional card transactions to instant payments.
The digital euro is intended to be a form of digital cash universally accepted in the European Union, complementing current forms of payment.
The system integration is part of a partnership between the ECB and financial technology firm Diebold Nixdorf.
Diebold Nixdorf, which specialises in the sale, manufacture, installation, and service of self-service transaction systems such as ATMs and currency processing systems, is one of 70 contributors to the ECB’s innovation platform, which simulates the digital euro ecosystem to explore use cases and functionalities that will make the digital euro a universally accepted form of digital cash across the EU.
Its cloud integration is designed to operate across ATM, POS, and e-commerce channels, enabling seamless support for digital euro transactions.
The company uses traditional card methods and digital wallets under a cloud-based system, allowing banks to handle traditional card payments, instant payments, and digital wallets under a single infrastructure.
Joe Myers, global head of banking at Diebold Nixdorf, said the collaboration reinforces the business’ goal to help its banking customers easily offer the digital euro as a new means of payment in the future.
“The digital euro represents a significant step forward in the region, and we are proud to contribute resources and technology that will enable banks to deliver modern, flexible payment experiences,” Myers added.
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