The proposed regulation would make instant payments available to all European citizens, including individuals and businesses/merchants, on both the issuing and receiving sides. This would reinforce the unity and sovereignty of European retail payments and improve the intra-EU capabilities for exchanging cross-border transactions.
EPI Company considers Instant Payments to be the best possible solution to the issues of fragmentation and vulnerability in the European payments landscape. Instant payments have the potential to address a wide spectrum of payment situations and are a genuine innovation that brings value to consumers, merchants, and businesses across a diverse range of payment use cases, according to the company. EPI has developed a full payment scheme making instant payments ‘commerce ready’ and considers them to be a worthwhile investment.
Instant payments are transferred directly from one payment account to another, without unnecessary intermediary accounts or form factors in the middle, reportedly ensuring transparency, efficiency, and performance, including for ecommerce and in-person payments. It also increases trust and overall security in the payment process. EPI Company believes that the proposed regulation will enable open competition between private actors in the market, as well as the future development of all European digital account-to-account solutions.
EPI Company invites the European Commission to safeguard a fair business model for all stakeholders, which will benefit future innovations and development of this new means of payment for the Retail market. EPI Company looks forward to contributing to an efficient implementation of the regulation, together with the European Commission and all relevant market players.
In conclusion, EPI stated that remains conscious of the continuous investments made by the private sector to enable this capability on behalf of European citizens and would like to emphasise the importance of allowing fair remuneration for the services that will be provided.
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