Foreign news: Instant payments builds in Eurozone, AmEx chief steps down
European clearing industry players put any lingering irritation with the ECB to one side during the final day of Sibos, the annual banktech expo, to come together and extol the virtues of instant payments, reports Finextra - covering a panel discussion with a number of industry players. Clearly instant payments takeup is likely to vary significantly between different countries, while there will be different timelines for adoption of different types of payments. Starting from as early as November this year, instant payments will be rolled out by various banks and jurisdictions. Instant payments were seen as a tool for P2P transfers, initially, while the €15,000 limit being advised at launch "will have to go" for B2B transactions to take off. After 16 years at the helm, American Express CEO Kenneth Chenault is stepping down and will be replaced by current vice-chairman Steve Squeri. Chenault, 66, will stay on until February next year before handing over to Squeri, who has been with the firm for around 30 years.