In this respect, I should like to draw attention to the standards agreed within the framework of the European Committee for Banking Standards, which I consider to be of particular importance. The ECB is organising meetings with all parties involved in order to bring the implementation of the standards forward.
Once the conditions related to interbank processing and internal procedures have been met, it should be possible for the banking industry to decrease substantially the price of cross-border credit transfers and to reduce the execution time to that needed for domestic payments plus one day.