15:05 GMT30 July 2021
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    According to the financier, the banks need to follow trends supporting new technologies and creating an alternative payment system in order to preserve the stability of the European financial system.

    German Bundesbank executive board member Burkhard Balz has urged European countries to create new payment systems, alternative to the American ones.

    "It can't be indifferent to us as the Bundesbank, when important tech companies such as Apple, Google, Paypal, and Amazon take over the relations with clients more and more, while banks remain just payment processors in the background", Balz told Welt am Sonntag.

    READ MORE: EU Has to Fine-Tune New Payment Mechanism to Trade With Iran Under US Sanctions

    He also stressed that the banks themselves should implement cutting-edge solutions.

    "My appeal to the industry is: think about which products you want to use to address those of Apple & Co", Balz concluded.

    Deutsche Bundesbank is the central bank of Germany and one of the vital components of the European System of Central Banks (ESCB).


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