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News announcement2 July 2020BrusselsDirectorate-General for Financial Stability, Financial Services and Capital Markets Union1 min read

European payments: The European Commission welcomes the initiative by a group of 16 banks to launch a European payments initiative (EPI)

The European Commission welcomes the agreement reached today by 16 major Eurozone banks from Belgium, France, Germany, Spain and the Netherlands towards the creation a unified payment solution for consumers and merchants across Europe.

The Commission, which will adopt later this year its own strategy for retail payments in Europe, fully supports the European payments initiative as a new, ambitious and European project. The Commission believes that EU citizens and businesses should benefit from fast, efficient and reliable payments solutions. The European payments initiative – EPI would be a critical and decisive step in that direction.

Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People said: “The European payments initiative fits into our ambition that European consumers and businesses should have access to fast, efficient and competitive payment solutions. I hope banks from other countries, innovative European fintechs and other European payment service providers will join the first 16 members, bringing their own expertise and assets to this ground-breaking project, and making it even more innovative and competitive at global level”.

The Commission welcomes the invitation made by EPI to European market players, individual banks or banking communities, as well as third-party payment service providers to apply and join EPI as a founder.

EPI is now launching its implementation phase. It is expected to become fully operational in 2022.

For more information see the press release by the European Central Bank.