Unlike for TARGET2 and TARGET2-Securities, the ECB and the Eurosystem have chosen not to approach the retail payments market as a system owner and operator – although some national central banks that are part of the Eurosystem have such operational role – but rather as a catalyst, supporting the market processes by using their technical and analytical expertise as well as consultative and cooperative contacts with the banking sector and other public authorities.
Tomorrow, we will look at the other challenging dimension that shapes the future of retail banking and payments, which is innovation.