The European Savings and Retail Banking Group (ESBG) has welcomed the announcement by the European Payments Initiative (EPI) of its new instant payment solution and acquisitions of additional shareholders. However, ESBG is urging European Institutions to ensure a level playing field and a viable business model for the unified payment solution and common innovation platform of the European payment ecosystem.

ESBG's Head of Payments, Digital Finance, and Innovation, Diederik Bruggink, emphasised that EPI's new payment solution needs to establish itself in the existing competitive landscape as a home-grown, pan-European payment solution based on instant payments. The changing customer demands, intense regulatory focus, increased competition, and technological changes have driven an ever-advancing European payments landscape, in which much looks possible, but the risk of fragmentation lurks. Therefore, it is crucial to ensure fair competition to avoid market fragmentation, the official press release states.

The EPI, backed by its shareholder companies, including major European banks and payment services providers, is building the foundation for a response to calls from the European Commission and the European Central Bank for a home-grown, pan-European payment solution. The announcement of the acquisition of payment solution iDEAL and payment solutions provider Payconiq International will support EPI's vision to set up a new, innovative, and unified payment solution for Europe, the press release continues. ESBG congratulates EPI and its shareholders for their persistence in creating a unified payment solution.

The EPI addresses several building blocks identified by ESBG and other European Credit Sector Associations in their policy paper for creating an integrated EU payments market. The ESBG believes that this development will be the first stepping stone towards a home-grown, pan-European payments solution based on instant payments. Payments form an important factor for European sovereignty and an important driver for the greater international role of the euro.

Therefore, ESBG is calling upon European Institutions to continue their support for EPI's unified payment solution and ensure a level playing field to create a competitive market, drive innovation, and prevent fragmentation. In conclusion, EPI's new payment solution represents a significant milestone towards a home-grown, pan-European payment solution based on instant payments. However, to achieve this goal, it is essential to ensure fair competition and a viable business model for the European payment ecosystem.

ESBG believes that European Institutions' support is crucial to creating a competitive market and driving innovation in the European payments landscape. More about EPI To find out more about EPI, please check the interview The Paypers exclusively had with the initiative’s leader. Also, stay on the lookout for a new interview very soon.

Earlier this month, EPI announced acquisition plans of iDEAL and Payconiq International, new shareholders and the upcoming launch of its instant payment solution. In March 2023, EPI expressed its support for the European Commission's proposed legislation on instant payments, which aligns with the Commission's Retail Payments Strategy. .