European payments groups join forces to challenge US dominance

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The companies will form a new joint venture, the European Network for Payments, which will be based in Madrid and connect national payment systems. European policymakers have made payments sovereignty a priority as a fragmenting global order raises concerns over access to critical payments systems. Fragmentation has long been the "biggest hurdle" for European payment schemes, said Martina Weimert, CEO of the European Payments Initiative.

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