EPI adapts its scope and objectives as member banks withdraw

Tuesday 22 March 2022 08:45 CET | News

The EPI initiative is adapting its scope and objectives, after the withdrawal of more than half of the participants.

Backed by the European Central Bank, EPI envisaged a unified, innovative pan-European payment solution leveraging Instant Payments SEPA Instant Credit Transfer (SCT Inst) and cards, offering both a card and a digital wallet to consumers and merchants across Europe. EPI set to become a new standard in payments for European consumers and merchants across all types of retail transactions including in-store, online, cash withdrawal and P2P. (read more in our exclusive interview with Martina Weimert, CEO of the EPI Interim Company)

The scheme was set to enter its operational phase this year, but by last November financing had become a concern for members, prompting a move to seek outside funding.

Originally, 31 major Eurozone banks and acquirers Worldline and Nets had joined the project. However, over time several German, Spanish, Polish and Finnish credit institutions have announced their withdrawal from the project.

In a brief statement on the EPI site, the group says that the 13 remaining shareholders remain convinced of the strategic value of a unified payment solution ready for commerce leveraging especially instant payments and want to go ahead. Therefore, the EPI Interim Company is now adapting its scope and objectives to this new dimension.

The project is now expected to refocus on its second component: the wallet and digital payment. The thirteen remaining members will decide in two months on the future of the company.

The remaining shareholders are: Banco Santander, Banque Fédérative du Crédit Mutuel, BNP Paribas, Crédit Agricole, Deutsche Bank, Deutscher Sparkassen- und Giroverband, Groupe BPCE, ING Bank, KBC Bank, La Banque Postale, Nets, Société Générale and Worldline.


Further reading

EPI abandons the creation of a card scheme Link

Volksbanks are withdrawing from the European Payments Initiative Link 

Commerzbank announced its withdrawal Link

HypoVereinsbank makes EPI exit official Link 

DZ Bank is now officially announcing its exit Link 

What's next for the EPI? Link 

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Keywords: European Payments Initiative, digital wallet, instant payments, digital payments
Categories: Banking & Fintech
Countries: Europe
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Banking & Fintech

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