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Why do Dutch banks want a change in their approach to the US?
Currently, a significant part of the IT infrastructure of European banks is based on solutions provided by companies from the United States. President of Rabobank Stefan Decraene estimates that such a relationship is ““potential geopolitical risk” — if political or trade relations deteriorate, access to key technologies could be limited or used as a pressure tool.
These concerns are also shared by EU institutions, including: European Commission and European Central Bankwhich increasingly talk about the need for reinforcement European digital sovereignty.
The goal is a common European cloud
Dutch banks are already in talks with other financial institutions in Europe to create one own European cloud structures and data management systems. Although e.g. ING has its own cloudadmits that it is still based largely on American components.
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The aim is to build an infrastructure in which customer data and transactions remain in Europe and key systems do not depend on the decisions of companies and regulators outside the EU.
One already existing example of such a strategy is Wero payment systemdeveloped within European Payments Initiative. It is intended to be a European alternative to Visa, Mastercard or PayPali.e. companies that today control a large part of the payments market.
However, banks emphasize that building full-fledged European alternatives to American technology is a process that will take several years.
