ING board member Pinar Abay is urging European banks to accelerate efforts and demonstrate greater flexibility in establishing a unified payment system, known as Wero. In an interview with the business magazine “Capital”, Abay stated that all stakeholders must be prepared to make concessions in the pursuit of a single payment solution.
The call for increased momentum comes as ING’s German subsidiary prepares to roll out Wero to its ten million customers this month. Abay, responsible for retail banking within the ING Group and a member of the board of the European Payment Initiative (EPI) which operates Wero, noted the system is currently available in Germany, Belgium and France, with discussions ongoing regarding expansion into Austria.
Abay argues this limited reach is insufficient given the current global landscape. “Europe must consider how to achieve a European dimension in various areas of banking” she said. “For us in Europe, it is a risk not to have our own cross-border payment system. Given what is happening in the world, we need to act quickly.
The EPI has experienced some withdrawals from participating banks since its initial launch. Abay is advocating for increased collaboration and pragmatism within the industry, suggesting that a tendency for differing opinions can significantly delay the development and scalability of a unified system. She believes that focusing on existing viable solutions is the most effective path toward building a sovereign European payment system.
Abay expressed optimism that a new dynamic is emerging, with potential for expansion into markets like Italy and Spain. “By consolidating what already exists” she said, “a significant portion of Europe could be covered”.