New payment service plan from European banks

In the statement made by the European Payment Initiative (EPI), it was stated that banks in Europe supported the initiative to launch their own payment services.

It was reported that Dutch financial institutions ABN Amro and Rabobank participated in the initiative, and EPI plans to buy the Netherlands-based Currence iDEAL and Luxembourg-based PQI, which provide payment services.

The pilot implementation of the said payment system will start in France and Germany by the end of 2023, and the application will be expanded to other countries in 2024.

EPI’s payment system was scheduled to become operational last year, but was delayed after some member banks left the payment system.

BFCM, BNP Paribas, EPI, BPCE, Credit Agricole, Deutsche Bank, DSGV, ING, KBC, La Banque Postale, Nexi, Societe Generale and Worldline are among the EPI shareholders.

Meanwhile, EPI’s planned payment system is expected to compete with the US payment systems Visa and Mastercard, which are widely used in Europe.

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