EPI Moves Closer to Developing Pan-European Digital Wallet and Payment Solution

EPI Moves Closer to Developing Pan-European Digital Wallet and Payment Solution

(IN BRIEF) The European Payments Initiative (EPI), supported by 14 European banks including ING, is acquiring Currence iDEAL and account-to-account payments technology provider Payconiq International to develop a pan-European payment solution. EPI plans to replace the current country-level patchwork of payment solutions with a digital wallet and payment solution focused on peer-to-peer and peer-to-pro payments. The platform aims to make Europe less reliant on foreign payment solutions and strengthen its position as a global leader in payment innovations. The digital wallet is planned to be launched commercially by the end of 2023, initially covering Belgium, France, and Germany.

(PRESS RELEASE) AMSTERDAM, 25-Apr-2023 — /EuropaWire/ —  ING (AMS: INGA), a global financial institution of Dutch origin, announces that the European Payments Initiative (EPI), a commercial platform supported by a group of 14 European banks including ING and two major European payments companies, has taken a significant step towards building a pan-European payment solution. The platform aims to replace the current country-level patchwork of payment solutions and make Europe less reliant on foreign payment solutions.

EPI plans to offer a digital wallet and payment solution that will focus on peer-to-peer and peer-to-pro (e-commerce) payments, giving a boost to Europe’s position as a global leader in payment innovations. To achieve this, EPI has acquired Currence iDEAL, the leading Dutch payment scheme, from ABN Amro, ING, and Rabobank, as well as account-to-account payments technology provider Payconiq International (PQI) from Belfius, ING, KBC, and Rabobank. Financial details of the acquisitions have not been disclosed.

EPI will leverage PQI and iDEAL’s strong operational experience and know-how in local markets to develop the new scalable pan-European platform. The digital wallet with P2P payment functionality is planned to be commercially launched by the end of 2023, initially covering Belgium, France, and Germany. These three geographies together represent over half of all retail payments in the EU. The iDEAL solution will be gradually migrated to the new platform over time.

ING’s innovations have played a significant role in paving the way for EPI’s new payments platform. As a founder of iDEAL in the Netherlands in 2004, ING, along with peer Dutch banks ABN Amro and Rabobank, recognized the important role that digital payment solutions would play in the future of banking. In addition, Payconiq was developed in ING’s innovation lab. Following ING’s launch of Payconiq in Belgium and Luxembourg, other Benelux banks joined the platform as it gained commercial traction.

Pinar Abay, member of ING’s management Board Banking and head of Market Leaders: “At ING, we are proud of our pioneering role in payments and for having contributed to the development of the successful solutions iDEAL and Payconiq. Both are highly valued by our Benelux customers and we look forward to taking them to the next level by being part of the new, innovative unified payment solution for Europe.”

Martina Weimert, CEO of EPI Company: “EPI is delighted to welcome Currence iDEAL and PQI. Together, we will join forces to realise EPI’s vision as we build an innovative solution based on a new, unified instant payment scheme and platform for Europe. We are developing a new, scalable platform to address the modern and evolving payment needs of European consumers and merchants in the best way.”

Click here to read the press release by EPI.

(Footnote: Currence iDEAL is a subsidiary of Currence Holding. Whilst Currence Holding owns 100% of Currence iDEAL, the economic ownership of the subsidiary is attributed to the F-shares held by ABN Amro, ING and Rabobank)

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SOURCE: ING