The Bank of Finland highlighted the case for developing a Finnish instant payment solution based on real-time credit transfers, arguing it would ensure access to inexpensive, versatile and reliable payment methods that remain secure even in exceptional situations while expanding consumer choice. In remarks by Board Member Tuomas Välimäki at the Bank of Finland’s Payments Forum, the central bank linked the need for additional day-to-day payment alternatives to heightened geopolitical tensions. Building on long-standing priorities shared with the national Payments Council, the release pointed to benefits including stronger governance over payment systems, protection of sensitive financial data under the jurisdiction of European authorities, and reduced exposure to disruptions from external hybrid interference or economic sanctions. Välimäki emphasised that progress would require close cooperation across the payments value chain and called for initial steps to be taken.
Bank of Finland 2025-05-08
Bank of Finland urges development of a Finnish instant credit transfer payment solution to strengthen resilience and consumer choice
The Bank of Finland advocates for a Finnish instant payment solution based on real-time credit transfers to enhance secure, versatile, and reliable payment methods. Board Member Tuomas Välimäki highlighted the need for additional payment alternatives due to geopolitical tensions, emphasizing benefits such as stronger governance and data protection. Välimäki called for collaboration across the payments value chain to initiate progress.