ECB advances digital euro project with fraud prevention partnership
The European Central Bank (ECB) has awarded five tenders as part of its second phase of preparations for the digital euro, expected to launch in 2029.
Portugal-based startup Feedzai was selected to provide fraud detection and prevention services, working alongside PwC to ensure compliance with EU privacy and security standards. Feedzai’s AI-powered platform will generate a fraud risk score for every transaction, helping payment service providers make informed decisions on approvals. CEO Nuno Sebastiao emphasized the importance of adaptive AI to counter evolving fraud tactics across tens of billions of transactions. The tender’s estimated value ranges between €79.1 million and €273 million, underscoring the scale of the ECB’s digital euro ambitions.
Vendors to support offline payments, pseudonym lookups, and app development
Alongside Feedzai, several other European firms were chosen to deliver critical components of the digital euro infrastructure. Germany’s Giesecke+Devrient will collaborate with Nexi and Capgemini to develop an offline payments solution, ensuring accessibility even without internet connectivity. Sapient GmbH and Tremend software Consulting were selected for pseudonym lookups, supporting privacy-preserving features.
Meanwhile, Almaviva SpA and Fabric SpA will focus on app and SDK development, while Senacor FCS will secure the exchange of payment information across financial institutions. The ECB clarified that final development and issuance of the digital euro will only proceed after the Digital Euro Regulation is adopted by EU lawmakers.
Declining cash use reinforces push for digital euro
ECB Executive Board member Piero Cipollone highlighted the urgency of the project, citing a sharp decline in cash usage across the eurozone. Between 2019 and 2024, the share of cash used for transactions dropped from 72% to 52% in volume and from 47% to 39% in value, reflecting a consumer shift toward digital payments. Cipollone argued that the digital euro would preserve citizens’ access to sovereign money while strengthening competition in payments and supporting European fintech growth.
He also pointed to the project’s geopolitical significance, noting that it reduces dependence on non-European payment schemes and protects economic sovereignty. The ECB envisions a distributed infrastructure with offline functionality and a dedicated app enabling seamless provider switching, ensuring resilience and consumer choice in the digital economy.
Recently we wrote that the European Central Bank has concluded its model for a digital euro in preparation for whether to produce the EU's fiat currency in a new structure.
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