European Banks Expand Efforts to Develop Regional Digital Payment System

A consortium of European lenders is accelerating efforts to build a regional alternative to US-dominated digital payment systems. The group, led by the Amsterdam-based company Qivalis, has grown its membership to 37 financial institutions from 15 countries, with major banks such as ING, BNP Paribas, and BBVA already on board.

Newly added members include Dutch lenders ABN Amro and Rabobank, Spanish banks Sabadell and Bankinter, Bank of Ireland, Sweden's Handelsbanken, and Finland's Nordea. The move is part of a broader effort to strengthen the euro's presence in digital finance and counterbalance the influence of US-based payment and cryptocurrency firms.

The consortium has positioned itself as a European response to the dominance of US companies in digital payments and stablecoins. Qivalis CEO Jan-Oliver Sell stated that the project aims to ensure Europe maintains control over financial infrastructure built on blockchain technology, saying 'The euro is Europe's currency, and on-chain financial infrastructure should carry it - built by European institutions and governed by European rules.'