EU financial institutions are ready to abandon US payment systems

Since 2017, the European Union has been discussing the idea of independence in matters of conducting financial transactions, and now it has turned into a specific project designed to replace payment systems controlled by the United States.

This was reported by France Presse news agency, citing sources familiar with the situation in the banking sector.

Pan-European Payment System Initiative or PEPSI is an initiative over which experts from about two dozen European financial institutions are working. Its main task is to provide the ability to conduct all types of cashless transactions, thus replacing Visa and MasterCard.

The source noted that this idea appeared in the European Central Bank, which a few years ago raised the issue of independence of European financial transactions. It is noteworthy that, according to information currently available, most banks in France, a country whose leader has become one of the main European critics of dubious transatlantic cooperation and Donald Trump, in particular, have joined in the development of the system. In addition, specialists from a large German bank are involved in the project.

The information was confirmed by the representative of the French bank “BNP Paribas” Carlo Bovero. According to him, the financial structures of European states are really considering such initiatives.

As News Front previously reported, plans by European banks to weaken the influence of the United States in the financial sector are not unfounded. Thus, EU companies have already faced Washington pressure and sanctions that the US administration has threatened to impose against businesses cooperating with Iran.


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