The implementation phase of the European Payments Initiative (EPI) has been launched by 16 major Eurozone banks.
The new unified payment scheme was founded by Banco Bilbao Vizcaya Argentaria, BNP Paribas, Groupe BPCE, CaixaBank, Commerzbank, Crédit Agricole, Crédit Mutuel, Deutsche Bank, Deutscher Sparkassen- und Giroverband, DZ BANK Group, Internationale Nederlanden Groep, KBC Group, La Banque Postale, Banco Santander, Société Générale, and UniCredit.
EPI aims to create a pan-European payment system that leverages instant payments and credit transfer and provides a digital wallet for online and peer-to-peer payments.
The solution is a response to European merchant and consumer communities that stated a need for payment initiatives to adopt a more pan-European approach.
EPI is also set to support the strengthening of a single market in the fields of payments, banking, and technology.
An interim company has been established in Brussels to outline coherent objectives and strategies, which will be evaluated by each participating bank before moving onto the next stage.
Other payment service providers are able to join the initiative until the end of 2020. EPI is expected to reach the operational stage in 2022.
