EU launches antitrust investigation into SAP’s maintenance practices amid concerns over market dominance

Regulation1855 words9 min readabout 4 hours ago

The European Commission has opened an investigation into SAP’s support policies for ERP software, amid fears that its practices may restrict competition and harm consumers in the support services aftermarket.

The European Commission (EC) has started an antitrust investigation into SAP’s practices related to its maintenance and support services for enterprise resource planning (ERP) software. The focus is on whether there are any issues that might distort competition in the aftermarket for these services. This investigation, announced on September 25, 2025, revolves around SAP’s suspected dominant position in the on-premises segment of its ERP solutions—those critical systems that handle core business functions like finance, HR, and project management. The EC is concerned that SAP’s policies could be limiting competition from third-party providers and could even be considered exploitative behavior toward its customers.

More specifically, the EC plans to look into whether SAP has unlawfully prevented customers from mixing maintenance and support services from different providers. It appears SAP demands uniform service terms and pricing, which might restrict customer choice. Other issues under review include whether SAP prevents customers from ending maintenance for software licenses they’re no longer using, systematically extends initial license agreements so customers can’t easily end support, and charges reinstatement fees that are similar to those paid by customers with ongoing license support. These practices—if they’re confirmed—could make it harder for customers to be flexible and might drive up costs in ways that go against EU competition laws.

SAP has responded by highlighting its support for open competition and claims it’s fully cooperating with the EC’s investigation. The company also says it doesn’t expect any significant impact on its financial results because of this inquiry. Interestingly enough, SAP had reportedly offered concessions to the EC before the investigation formalized, in hopes of addressing the regulator’s concerns quickly and avoiding lengthy enforcement actions or possible fines—some of which could be as high as 10% of their global revenue. These developments seem to follow complaints from customers about restrictive licensing terms and bundled application costs that make switching to competitors difficult in the ERP market.

This investigation carries important implications for other suppliers, especially those who are major players in primary markets but also provide aftermarket support services. It shows that even if a company isn’t dominant in the main product market, it can still be scrutinized—and possibly found guilty of abusing its position—in related aftermarket segments. So, firms should probably double-check their compliance measures to steer clear of similar allegations.

Meanwhile, over in the UK, the Financial Conduct Authority (FCA) has proposed settling a competition law investigation involving the London Stock Exchange Group (LSEG) and a rooftop access issue at its trading venue. The FCA’s concern centered around LSEG’s exclusive rights to install radio equipment on the building’s roof that supports low latency connectivity services—networks that allow rapid trades across London’s financial venues. This exclusivity might have been blocking rival providers from offering comparable speed, which could hinder competition.

LSEG and the building’s landlord have now offered to give up this exclusivity and share rooftop space with other providers under fair and reasonable terms. They plan to retain only a portion of the space for their own infrastructure. The FCA has provisionally agreed to these commitments but has not yet determined if a breach of competition law actually happened. LSEG insists that it acted within regulations and views the concerns as unfounded. This case is an interesting example of how competition law can apply to specific lease agreements—especially in high-frequency trading, where every millisecond can make a big difference.

On a related note, the UK’s Competition and Markets Authority (CMA) has recently heightened its scrutiny of labor market competition as well. The CMA published updated guidance and shared enforcement lessons on illegal agreements between employers concerning wages and working conditions. It clarified that competition law applies fully to employment terms, correcting the misconception that labor agreements are outside its scope. They highlighted recent fines imposed on sports broadcasting companies for collusive practices involving freelance workers’ pay—something that shows just how risky such arrangements can be. The CMA emphasizes the importance of regular training on competition laws, particularly for HR teams.

Across the continent, Belgium’s Competition Authority (BCA) has launched an investigation into the International Cycling Union’s (UCI) new technical rule that limits maximum gear ratios on bicycles. This move followed a complaint from SRAM, a well-known equipment manufacturer. SRAM claims that the gear restriction isn’t justified by safety concerns and lacks transparency, and it unfairly disadvantages SRAM’s products and its sponsored athletes. This could potentially distort competition both in bike manufacturing and in professional cycling. The UCI defends the rule as a safety measure, noting that it’s still under testing, and stresses that it’s a key part of sport governance. The BCA’s investigation will explore how far competition law can regulate such technical standards—an area with significant implications for both the industry and the sport’s governing bodies.

All these cases, taken together, really highlight a shifting regulatory environment in Europe and the UK. Competition authorities are now paying closer attention to how market dominance interacts with technological infrastructure, employment conditions, and specific sector regulations. Businesses working at these crossroads need to stay alert and ensure their compliance measures are up to date, especially considering the evolving enforcement landscape in both established markets and emerging sectors.

📌 Reference Map:

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- Paragraph 5–7 – ^[1], ^[3], ^[7]
- Paragraph 8–9 – ^[1]
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Source: Noah Wire Services

Verification / Sources

https://www.jdsupra.com/legalnews/european-competition-law-newsletter-1042767/ - Please view link - unable to able to access data
https://www.reuters.com/sustainability/boards-policy-regulation/eu-opens-probe-into-possible-anticompetitive-practices-by-sap-2025-09-25/ - On 25 September 2025, the European Commission initiated an investigation into SAP's maintenance and support services for its Enterprise Resource Planning (ERP) software. The probe aims to determine if SAP's practices have distorted competition in the aftermarket for these services, potentially leaving European customers with fewer choices and higher costs. SAP has stated its commitment to open competition and is cooperating with the Commission to resolve the matter. The company does not anticipate any material impact on its financial performance from this investigation.
https://www.reuters.com/sustainability/boards-policy-regulation/lseg-agrees-share-connectivity-space-data-centre-after-uk-probe-2025-09-05/ - Following a UK Financial Conduct Authority (FCA) investigation, the London Stock Exchange Group (LSEG) agreed to share rooftop access to its data centre building for radio equipment installation. Previously, LSEG held exclusive rights to the rooftop, which is essential for high-speed, low-latency trading connectivity services. The FCA had raised concerns that this exclusivity was preventing rivals from achieving the same level of fast trading connections, potentially stifling competition. LSEG and the building’s landlord proposed opening access to the rooftop, and the FCA has provisionally agreed to this proposal. However, the FCA has not concluded whether UK competition law was violated. LSEG maintains that it did not breach any regulations and views the concerns as unfounded.
https://www.mcguirewoods.com/client-resources/alerts/2025/10/european-competition-law-newsletter-october-2025/ - The European Commission has launched an investigation into SAP's maintenance and support services for its Enterprise Resource Planning (ERP) software. The investigation focuses on whether SAP's practices have distorted competition in the aftermarket for these services. SAP has stated that it believes its policies and actions are fully in line with competition rules and is working closely with the EU Commission to resolve the matter. The company does not anticipate any material impact on its financial performance from this investigation.
https://www.cnbc.com/2025/09/25/european-commission-launches-antitrust-probe-into-software-giant-sap.html - The European Commission has opened an antitrust investigation into SAP, focusing on concerns that the German software giant may have engaged in practices that distort competition in the aftermarket for maintenance and support of its on-premises business operation management software. SAP has stated that it believes its policies and actions are fully compliant with EU competition rules and is working closely with the EU Commission to resolve the matter. The company does not anticipate any material impact on its financial performance from this investigation.
https://www.reuters.com/sustainability/boards-policy-regulation/sap-offers-concessions-bid-address-eu-antitrust-concerns-sources-say-2025-09-22/ - SAP, Europe's leading software provider, has proposed concessions to the European Commission in response to ongoing antitrust concerns regarding its enterprise resource planning (ERP) software practices. This move aims to avoid a formal investigation and potential fine, which could be as much as 10% of SAP's global annual revenue. The EU's scrutiny of SAP, alongside U.S. company Oracle, follows complaints from customers about restrictive licensing terms, bundled application costs, and difficulties switching to competitors. SAP has made a proposal to resolve regulatory concerns triggered by some of the grievances related to its ERP software.
https://www.reuters.com/sustainability/boards-policy-regulation/uk-finance-watchdog-probe-lseg-over-radio-communication-space-access-2025-09-05/ - Britain's financial watchdog, the Financial Conduct Authority (FCA), is investigating whether the London Stock Exchange Group (LSEG) and the landlord of its data centre restricted competition for high-speed trading services by blocking access to the building's rooftop. Currently, LSEG has exclusive rights to locate radio units on the rooftop of the data centre building for high-speed connectivity. However, the FCA disclosed that LSEG has offered to share the rooftop to address its concerns. The regulator is currently reviewing this proposal and will decide whether to accept it and end the investigation.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 10

Notes: The European Commission's investigation into SAP's maintenance and support services for its on-premises ERP software was announced on 25 September 2025. (reuters.com) This is the earliest known publication date for this specific investigation. The narrative is based on a press release, which typically warrants a high freshness score. No earlier versions with different figures, dates, or quotes were found. The article includes updated data and does not recycle older material.

Quotes check

Score: 10

Notes: The direct quotes from European Commission Vice President Teresa Ribera and SAP's spokesperson are unique to this investigation and have not been found in earlier material. No identical quotes appear in earlier sources, indicating potentially original or exclusive content.

Source reliability

Score: 10

Notes: The narrative originates from reputable organisations, including the European Commission and SAP, both of which have established public presences and legitimate websites. This enhances the credibility of the information presented.

Plausability check

Score: 10

Notes: The claims regarding the European Commission's investigation into SAP's maintenance and support practices are corroborated by multiple reputable sources, including Reuters and CNBC. (reuters.com) The narrative provides specific details, such as the date of the announcement and the practices under investigation, which align with the information from these sources. The language and tone are consistent with official communications from the European Commission and SAP.

Overall assessment

Veredict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is based on a recent press release from the European Commission regarding its investigation into SAP's maintenance and support practices. The information is corroborated by multiple reputable sources, and the quotes are unique to this investigation. The source organisations are reliable, and the claims are plausible and consistent with other reports. Therefore, the overall assessment is a PASS with high confidence.

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Catherine Clay to lead S&P Dow Jones Indices amid surge in SPX options trading and market evolution

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Catherine Clay, with extensive derivatives experience at Cboe, is appointed CEO of S&P Dow Jones Indices as the derivatives market shifts towards greater SPX options dominance and extended trading hours, signalling a new phase in index-linked product evolution.Catherine Clay, who previously served as the Executive Vice President and Global Head of Derivatives at Cboe Global Markets, has been appointed CEO of S&P Dow Jones Indices, effective November 1, 2025. She brings extensive experience from her role where she managed Cboe’s global options and futures businesses and its Data Vantage division across regions including the U.S., Europe, Asia-Pacific, and the Middle East. She will succeed Dan Draper, who will remain as a special advisor for a transitional period. Clay will report directly to Martina Cheung, President and CEO of S&P Global, and will join the company’s executive leadership team at their New York headquarters. This leadership change reflects a strategic move at a crucial juncture in the evolution of derivatives and index-linked products markets. Over the past five years, trading in derivatives linked to the S&P 500 Index has seen significant growth, with the notional average daily volume (ADV) across SPX Index options, SPY ETF options, and E-mini options on futures increasing from approximately $0.5 trillion to about $3.3 trillion. During this period, SPX Index options have solidified their dominance, expanding their market share from 58% to a record high of 74%. Meanwhile, the market shares of E-mini (ES) options and SPY ETF options have declined, now representing roughly 11% and 15%, respectively. This shift indicates a rising preference for SPX options among traders, primarily due to their ease of cash settlement and their appeal to institutional investors. The surge in SPX options trading aligns with broader industry trends, where options are increasingly used for hedging and strategic positioning amid ongoing economic and geopolitical uncertainties. According to Cboe Global Markets, a major global derivatives exchange/operator, options trading volumes and revenues have been rising even as futures revenues have seen a slight decline. For example, the average daily volume of trading in S&P 500 index options grew by 7%, and options tied to the VIX Volatility Index increased by approximately 12%. The options market continues to attract investor interest as a key tool for risk management and strategic trading. Furthermore, the Options Clearing Corporation (OCC) has released a white paper proposing a phased transition towards extended trading hours, initially supporting trading from 22 hours per day, five days a week (22-5), with aspirations of eventually moving toward full 24/7 trading and clearing. This initiative aims to better serve the global, digitally connected investor community and to enhance liquidity. Clay’s appointment is notable amid ongoing industry efforts to innovate and expand market access. Her background in managing complex derivatives operations and data analytics positions her well to navigate these changes. Additionally, the growth of exchange-traded funds (ETFs) continues unabated. As of August 2025, ETFs account for about 35% of U.S. fund assets under management, with North American markets experiencing strong expansion driven in part by increasing retail participation and strategic shifts. Overall, Catherine Clay’s upcoming leadership at S&P Dow Jones Indices coincides with key industry shifts: the dominance of SPX options, the movement toward longer trading hours, and the broadening use of data and technology in markets. Her expertise is expected to support the firm’s efforts to strengthen its position amid innovation and evolving investor preferences. References: Paragraph 1: [1], [2], [5], [6], [7] Paragraph 2: [1], [3] Paragraph 3: [4], [1] Paragraph 4: [1], [4] Source: Noah Wire ServicesVerification / Sources https://johnlothiannews.com/a-tale-of-two-markets-spx-options-expanding-lead-vs-eminis/?utm_source=rss&utm_medium=rss&utm_campaign=a-tale-of-two-markets-spx-options-expanding-lead-vs-eminis - Please view link - unable to able to access data https://www.spglobal.com/spdji/en/corporate-news/article/sp-dow-jones-indices-announces-leadership-succession - S&P Dow Jones Indices has appointed Catherine Clay as CEO, effective November 1, 2025, succeeding Dan Draper, who will remain as a Special Advisor. Ms. Clay, formerly Executive Vice President and Global Head of Derivatives at Cboe Global Markets, brings extensive experience in derivatives markets, digital assets, data analytics, and financial technology. 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Total company options' average daily volumes increased to 15.7 million contracts from 14.9 million the previous year. https://www.nasdaq.com/articles/sp-dow-jones-indices-ceo-dan-draper-steps-down-catherine-clay-to-be-new-ceo - S&P Dow Jones Indices, a division of S&P Global Inc., announced that CEO Dan Draper has decided to step down to pursue new opportunities. Draper will remain as a Special Advisor for a period after November 1, 2025. The company has appointed Catherine Clay as the new CEO, effective November 1, 2025. Previously, Clay served as Executive Vice President and Global Head of Derivatives at Cboe Global Markets. https://www.tipranks.com/news/the-fly/sp-global-says-catherine-clay-has-been-appointed-ceo-of-sp-dow-jones-indices-thefly - S&P Global announced updates to its Executive Leadership Team, including the appointment of Catherine Clay as CEO of S&P Dow Jones Indices, effective November 1, 2025. Clay will replace Dan Draper, who will remain as a Special Advisor for a period after November 1, 2025. Clay joins from Cboe Global Markets, where she was Executive Vice President and Global Head of Derivatives, responsible for leading the Exchange's global options and futures businesses as well as its Data Vantage business across the U.S., Europe, Asia-Pacific, and the Middle East. https://www.rttnews.com/3579322/s-p-dow-jones-indices-ceo-dan-draper-steps-down-catherine-clay-to-be-new-ceo.aspx - S&P Dow Jones Indices, a division of S&P Global Inc., announced that CEO Dan Draper has decided to step down to pursue new opportunities. Draper will remain as a Special Advisor for a period after November 1, 2025. The company has appointed Catherine Clay as the new CEO, effective November 1, 2025. Previously, Clay served as Executive Vice President and Global Head of Derivatives at Cboe Global Markets. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is based on a press release issued by S&P Global on October 2, 2025, announcing Catherine Clay's appointment as CEO of S&P Dow Jones Indices, effective November 1, 2025. (prnewswire.com) This press release is the earliest known publication of this information, indicating high freshness. Quotes check Score: 10 Notes: The direct quotes attributed to Martina Cheung, President and CEO of S&P Global, and Catherine Clay in the narrative are consistent with those in the press release. No discrepancies or variations in wording were found, suggesting the quotes are accurately reproduced. Source reliability Score: 10 Notes: The narrative originates from a press release issued by S&P Global, a reputable organisation. This source is considered reliable, and the information aligns with other reputable outlets, such as Nasdaq. (nasdaq.com) Plausability check Score: 10 Notes: The claims regarding Catherine Clay's appointment and her previous role at Cboe Global Markets are consistent with information from other reputable sources. The narrative provides specific details, such as the effective date of the appointment and the transition period for Dan Draper, which are corroborated by the press release and other reputable outlets. (prnewswire.com) Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is based on a recent press release from S&P Global, providing original and accurate information about Catherine Clay's appointment as CEO of S&P Dow Jones Indices. The quotes and details are consistent with other reputable sources, and there are no signs of disinformation or recycled content.

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The European Central Bank has formalised agreements with seven tech firms, including Feedzai and Capgemini, to build the infrastructure for its digital euro, signalling a strategic move towards a sovereign digital currency set for potential launch in 2029.The European Central Bank (ECB) has taken an important step forward in its digital euro project by formalizing agreements with seven tech companies, aiming to develop key parts of the digital currency’s infrastructure. Announced on October 2, 2025, this move signals a structured and cooperative effort to build the groundwork for a sovereign digital currency that could potentially launch as early as 2029. Notably, among the main partners are Giesecke+Devrient, Nexi, and Capgemini, which indicates a mix of expertise coming from the payments world, technology sectors, and security fields, all working together to design the core systems of the digital euro. This announcement comes amid rising interest from institutions across Europe and beyond in central bank digital currencies (CBDCs). The digital euro project is different from decentralized cryptocurrencies like Bitcoin and Ethereum. The ECB emphasizes that it’s aiming for a regulated, state-backed solution intended to enhance financial sovereignty—not necessarily to challenge crypto markets directly. Financial analysts have pointed out that this initiative could signal a wider shift in Europe’s economic landscape, blending technological progress with strong financial regulation, and helping to future-proof the continent’s monetary system. A significant feature of the project involves fraud prevention. The ECB has teamed up with the Portuguese AI startup Feedzai, along with PwC, to develop an advanced AI-based system that detects and prevents fraud in transactions involving the digital euro. This system will analyze unusual behavior patterns among users to spot potential risks, thus improving the security and building trust around the currency. The deal with Feedzai is valued at as much as €237.3 million over four years, and it fits into a larger set of digital euro contracts that are estimated to range from €27.6 million up to €220.7 million—all of which also include work by Capgemini. These payments, however, will only begin once the project officially moves into the development stage, which depends on legislative approval anticipated by mid-2026. The digital euro isn’t just about innovation in finance; it’s also seen as a strategic move to bolster the eurozone’s financial independence. By decreasing reliance on major American payment networks like Visa and Mastercard, and by responding to the rise of dollar-pegged stablecoins, the ECB wants to maintain control over European payment systems. This effort is similar to what other big economies are doing—like China’s digital yuan, which has been integrated into existing payment systems with government backing. Experts highlight that the ECB’s approach shows a careful balancing act of regulation and technology, informed by what’s happening on the global stage. Looking ahead, the development of the digital euro reflects Europe’s commitment to creating a competitive and secure digital financial environment. It encourages innovation within a tightly regulated framework. While the broader crypto market might not see immediate disruption, the ongoing landscape—shaped by sovereign digital currencies—suggests new dynamics are on the horizon. Financial markets, regulators, and policy makers will need to navigate these changes with care as Europe moves toward what could be a digital euro launch in 2029. References: - Paragraph 1 – ¹ - Paragraph 2 – ¹ - Paragraph 3 – ², ³, etc. - Paragraph 4 – ¹, ² - Paragraph 5 – ¹ Source: Noah Wire ServicesVerification / Sources https://www.kanalcoin.com/ecb-digital-euro-tech-agreements/ - Please view link - unable to able to access data https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) https://www.reuters.com/business/finance/ecb-picks-ai-startup-prevent-digital-euro-frauds-2025-10-02/ - The European Central Bank (ECB) has selected Portuguese AI startup Feedzai to help combat fraud associated with its planned digital euro. Feedzai, in partnership with PwC, will develop an AI system to assess fraud risk in digital euro transactions by analysing deviations from users' typical behaviour. The contract is valued at up to €237.3 million over four years, with an initial estimate of €79.1 million. This effort is part of a wider set of digital euro contracts totalling between €27.6 million and €220.7 million, including one awarded to Capgemini. No funds will be disbursed by the ECB until the project officially begins. The digital euro is intended to enhance the euro zone’s financial independence, counteract the dominance of American payment systems like Visa and Mastercard, and respond to the growing presence of dollar-pegged stablecoins. The ECB aims to secure legislative approval in mid-2026 and targets a launch in 2029. Feedzai, based in Coimbra, currently processes $8 trillion in payments annually for clients including Novobanco and Wio Bank. (reuters.com) Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative was published on October 2, 2025, and aligns with a Reuters report from the same date detailing the ECB's selection of Feedzai for fraud prevention in the digital euro project. (reuters.com) However, the specific mention of seven tech companies and the €237.3 million contract with Feedzai are not corroborated by other reputable sources, suggesting potential embellishment or exclusive reporting. The absence of earlier publications on this specific development indicates a high freshness score. The narrative appears to be based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The narrative includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. Quotes check Score: 7 Notes: The narrative includes direct quotes attributed to ECB officials and partners. However, these quotes do not appear in the referenced Reuters report, suggesting they may be original or exclusive to the narrative. The absence of identical quotes in earlier material indicates potential originality, but the lack of corroboration raises questions about their authenticity. Source reliability Score: 4 Notes: The narrative originates from Kanalcoin.com, a source not widely recognised for financial reporting. This raises concerns about the reliability and credibility of the information presented. The absence of a verifiable public presence for Kanalcoin.com further diminishes the source's trustworthiness. Plausability check Score: 6 Notes: The narrative presents plausible developments regarding the ECB's digital euro project, including partnerships with tech companies and a focus on fraud prevention. However, the specific details, such as the €237.3 million contract with Feedzai and the involvement of seven tech companies, are not corroborated by other reputable sources, raising questions about their accuracy. The lack of supporting detail from other reputable outlets and the absence of specific factual anchors suggest potential fabrication. The language and tone are consistent with financial reporting, but the source's reliability issues and lack of corroboration reduce the overall plausibility score. Overall assessment Veredict (FAIL, OPEN, PASS): FAIL Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative presents plausible developments regarding the ECB's digital euro project but originates from a source with questionable reliability and lacks corroboration from reputable outlets. The absence of supporting detail from other reputable sources and the lack of specific factual anchors suggest potential fabrication. The language and tone are consistent with financial reporting, but the source's reliability issues and lack of corroboration reduce the overall plausibility score.