ECB selects Nexi-Deutsche Telekom and Telefónica-Indra to wire digital euro network

The European Central Bank has named two consortia to provide the communications infrastructure connecting banks, national central banks, and the digital euro platform. Nexi pairs with Deutsche Telekom in the first group; Telefónica teams with technology consultancy Indra in the second. Both pairings combine a telecoms operator with a payments or IT specialist, mirroring the dual-provider logic the Eurosystem already uses for TARGET services.

The first contract took effect on 28 September 2026, covering a pilot phase already in progress. The second consortium comes online in May 2027. From 2029, both providers are expected to be capable of supporting a live digital euro, contingent on the ECB Governing Council approving issuance and the requisite EU legislation being in place. Institutions offering the digital euro to end-users will be free to connect through either provider.

The arrangement echoes the existing ESMIG (Eurosystem Single Market Infrastructure Gateway) setup, where TARGET services including T2 and TIPS already rely on two competing network providers. Nexi’s position in this earlier infrastructure traces back to the Nexi-Colt partnership, originally formed as a SIA-Colt arrangement in 2012 before SIA merged with Nexi in 2021. Winning the digital euro contract extends that incumbency into the next layer of Eurosystem plumbing.

For operators planning digital euro connectivity, the dual-provider model suggests redundancy and competitive tension are design principles rather than afterthoughts. The 2029 live-readiness horizon, however, remains conditional on legislative and governance decisions that are not yet settled.