EPI was launched last year and is seeking to get more banks and other players in payments on board by December 2021 to finalise plans to start rolling out its instant and card payments network.
"Public funding would be nice," EPI Chief Executive Martina Weimert told an event held by the European Payments Institutions Federation. "Let's not hide it - it's going to be a massive investment. It's expensive."
Deutsche Bank, UniCredit, BNP Paribas, ING, Societe Generale, and Sabadell are among the 22 banks from seven EU countries, including France, Germany and Spain who are backing the venture.
Weimert said EPI was now in a "critical phase" of decision making over the next few weeks.
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