The European Central Bank is pushing banks across Europe to fix problems with the Mythos payment system before a crisis hits. The ECB called in bank leaders and warned them that the clock is ticking to solve the issues. The Mythos system moves money between banks and is critical for European finance.
The payment system has weak spots that could break down if a major shock happens. Right now, with tensions rising between Iran and the United States, the ECB is worried that any economic disruption could expose these problems. Banks have been slow to upgrade their systems, which makes regulators nervous.
European businesses and everyday people who move money between countries could be hurt if Mythos fails. Companies that do trade with other nations rely on these systems to pay suppliers and get paid for goods. Bank customers could face delays getting their money if the system crashes.
The ECB has not given banks a specific deadline, but sources say the regulator wants action within months, not years. Banks are now reviewing their connections to Mythos and testing backup plans. Some larger banks have already started investing in upgrades, while smaller banks are still assessing what they need to do.