Belgium-based European Payments Initiative (EPI) has successfully completed the acquisition of iDEAL and Payconiq International. This development represents a step forward in EPI's strategic efforts to establish a unified instant payment scheme and platform for Europe.

Moreover, the finalization of these acquisitions reinforces EPI's ambition to establish itself as a prominent entity within the European payments landscape, and it puts the spotlight on  EPI's efforts to deliver an innovative, secure, and instant digital payment solution for Europe. The acquisition positions EPI to commence preparations for the deployment of its payment solution in Belgium, France, Germany, and subsequently the Netherlands. According to the official press release, these countries collectively account for more than half of all non-cash payments in the euro area, with plans to expand to other European nations.

The same source reveals that EPI views Currence iDEAL B.V. and Payconiq International S.A. as strategic assets that will advance its mission of creating a digital wallet solution and a unified, instant, account-to-account payment method under a single brand across European countries.

EPI recently introduced a digital wallet named Wero with the goal of redefining payment practices and addressing existing gaps within the European payment ecosystem. Officials from EPI expressed gratitude to all parties involved in these significant transactions and acknowledged the trust of EPI's shareholders in the company's vision and mission, as well as the diligent efforts of the relevant authorities. During this transformative phase, EPI will ensure the business continuity of iDEAL and Payconiq International and the seamless integration of their services throughout the transition process.

Financial details regarding the acquisitions were not disclosed at the time of writing. Other developments from EPI In March 2023, before announcing the iDEAL and Payconiq acquisition, EPI expressed its support for the European Commission's proposed legislation on instant payments, which aligns with the Commission's Retail Payments Strategy. The proposed regulation would make instant payments available to all European citizens, including individuals and businesses/merchants, on both the issuing and receiving sides.

This would reinforce the unity and sovereignty of European retail payments and improve the intra-EU capabilities for exchanging cross-border transactions. EPI Company considered Instant Payments to be the best possible solution to the issues of fragmentation and vulnerability in the European payments landscape. At the time, it was expressed that instant payments have the potential to address a wide spectrum of payment situations and are a genuine innovation that brings value to consumers, merchants, and businesses across a diverse range of payment use cases, according to the company.

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