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EPI Interim Company adds new members to the European Payments Initiative

Thursday 10 December 2020 12:51 CET | News

EPI Interim Company, responsible for initiating the implementation of the European Payments Initiative (EPI) has announced new members joining as founding shareholders.

PKO Bank Polski one of Poland’s bigger banks, and OP Financial Group, a Finnish retail bank, along with a group of 12 Spanish credit institutions banks that have formed a consortium, are joining EPI as a collective founding shareholder of the EPI Interim Company.

The admissions lead the way for EPI’s access to the Polish and Finnish markets. Poland will become the first non-euro-based market to form part of EPI and will enable the group to address the challenge of currency conversion within the solution.

The addition of the 12 Spanish institutions will increase the coverage of EPI in the Spanish market, alongside the three largest Spanish banks BBVA, CaixaBank and Banco Santander which are all individual shareholders of EPI. The consortium of credit institutions consists of ABANCA, Banco Cooperativo Español, Grupo Cooperativo Cajamar, Caja de Ingenieros, LABORAL Kutxa, Cecabank, Eurocaja Rural, Grupo Bankinter, Ibercaja, Kutxabank, Liberbank and Unicaja Banco.

In the coming months, EPI will focus on the implementation of the new solution. In July 2020, a group of 16 major European banks from five countries (Belgium, France, Germany, the Netherlands, and Spain) paved the way for the future launch of the European Payments Initiative, by announcing the creation of the EPI Interim Company in Brussels, responsible for initiating the implementation of the joint payment initiative.

The ambition of EPI is to create a unified pan-European payment solution leveraging Instant Payment/SEPA Instant Credit Transfer (SCT Inst), which offers a card for consumers and merchants across Europe, a digital wallet, and P2P payments. The solution aims 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 peer-to-peer, as an alternative to existing international payment solutions and schemes.

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Keywords: EPI Interim Company, European Payments Initiative, EU, PKO Bank Polski, OP Financial Group, EPI, payments, instant payments, SCT Inst, digital wallet, P2P
Categories: Banking & Fintech | Payments General
Countries: Europe
This article is part of category

Banking & Fintech