ECB launches PayPal rival

÷ THE European Central Bank has launched a new system aimed at letting banks settle payments instantly across Europe, helping them to compete with PayPal and other global tech giants.

The ECB’s Target Instant Payment Settlement (TIPS) system will let people and companies in Europe transfer euro to each other within seconds. US firms dominate such services in Europe. This has worried European policymakers in recent months following a string of cyberattacks on financial infrastructure and fractious ties with US President Donald Trump.