Central Banking

ECB's Tumpel-Gugerell on payment systems

In the speech 'Drivers for change in payment and securities settlement systems' given on 9 June Gertrude Tumpel-Gugerell of the ECB said exploiting technological innovation can be an important means of saving costs, which is a pressing need in the payments business in order to further avoid eroding profitability.

"For instance, if customers move away from paper to electronic payments, the consequent use of straight-through processing would become a reality, even for retail payments. Considerable

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