ECB Updates E-Payments Oversight, Sets Deadline For Firms

By Irene Madongo (November 23, 2021, 2:07 PM GMT) -- The eurozone's central bank has approved a new oversight framework for electronic payments, which it says is designed to make the system "safer and more efficient." now and in the future.

The European Central Bank published the framework on Monday after a public consultation and has given companies a year to comply with its principles.

The Eurosystem framework for electronic payment instruments and schemes will be used to oversee companies that enable methods such as payment cards, e-money transfers and direct debits, the ECB said.

It will also cover crypto-asset services, the central bank added, including digital currencies like Bitcoin, and payment tokens...

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