Major European banks launch new payments initiative

EPI is expected to become a new standard means of payment for European consumers and merchants

Major European banks launch new payments initiative. Source: shutterstock.com

A group of 16 major banks from Belgium, France, Germany, the Netherlands, and Spain have announced the launch of the European Payments Initiative (EPI).

EPI aims to create a unified pan-European payment solution using Instant Payments/SEPA Instant Credit Transfer (SCT Inst), offering a card for customers, a digital wallet, and P2P payments.

According to the report, its objective is to offer a digital payment solution that can be used anywhere in Europe. EPI will first and foremost benefit European citizens, possibly boosting innovation in the world of payments.

Besides, EPI will support the implementation of the political agenda for both European public institutions and national authorities.

We’ve reported that The Philippines Department of Finance will launch Overseas Filipino Bank (OFBank) which will operate as a subsidiary of Land Bank.

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