European Banks Join Forces to Ensure Payment Sovereignty with EPI

European Banks Join Forces to Ensure Payment Sovereignty with EPI

(IN BRIEF) The European Payments Initiative (EPI) has acquired Dutch payment scheme Currence iDEAL and Luxembourg-based payment solutions provider PQI, subject to approval by national and European authorities. EPI’s shareholders are European banks and acquirers who have joined forces to build a solution that will ensure Europe’s payment sovereignty. EPI’s all-in-one digital wallet solution will enable direct and instant payments between bank accounts, with a range of transaction types supported, and value-added services to be incorporated over time. The EPI digital wallet with P2P payment functionality will be launched in a pilot phase in France and Germany by the end of 2023, with a broader market launch planned for early 2024.

(PRESS RELEASE) PARIS, 25-Apr-2023 — /EuropaWire/ — Société Générale (EPA: GLE), a European leader in financial services with over 150 years of history, is proud to be part of the European Payments Initiative (EPI) and welcomes the news of the acquisitions of Currence iDEAL and PQI, which will help strengthen EPI’s position as a common solution and innovation platform of the European payment ecosystem. The acquisition is subject to approval by the competent national and European authorities.

The EPI shareholders, including Societe Generale, have demonstrated their determination and ambition to build a solution that will ensure Europe’s payment sovereignty by combining their expertise over the past two years. The shareholders of EPI include BFCM, BNP Paribas, BPCE, Crédit Agricole, Deutsche Bank, DSGV, ING, KBC, La Banque Postale, Nexi, and Worldline and the addition of new shareholders, including Belfius, DZ Bank, ABN Amro, and Rabobank, further demonstrates EPI’s determination and ambition to build a solution that will ensure Europe’s payment sovereignty.

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. EPI will leverage the strong operational experience, know-how and local market knowledge of these companies. We are developing a new, scalable platform to address the modern and evolving payment needs of European consumers and merchants in the best possible way, with efficient, state-of-the-art technology.”

EPI’s solution, built for Europe by European payment industry leaders, leverages the instant, account-to-account payment scheme that is widely available in the region, enabling European banks and acquirers to join forces and deliver greater efficiency and value for customers through direct and instant payments between bank accounts.

EPI’s all-in-one digital wallet solution will provide a multi-faceted digital wallet and an instant, account-to-account payment means under one brand, unified across European countries. The company’s product roadmap is ambitious, addressing a comprehensive range of use cases, including P2P and P2Pro payments, online and mobile shopping payments, point-of-sale payments, and a wide range of transaction types.

Daniel van Delft, CEO of Currence iDEAL: “The acquisition of Currence iDEAL by EPI marks the beginning of a new international adventure. In the short term, we will continue our focus on the scheduled roll-out of the new iDEAL and value-added services to improve the use of iDEAL for consumers and merchants. For the long term, we look forward to working together with our partners to realise the strongest foundation possible for this truly European payment scheme.”

Guido Vermeent, CEO of Payconiq International: “Payconiq is thrilled to fast-track its mission to contribute to an innovative payment solution for consumers and businesses throughout Europe with EPI. This transition is a testament to the hard work done by the Payconiq team, the continued support of our committed shareholders over the past years and the success of our advanced payment technology and capabilities. We look forward to working with the EPI team.”

The EPI digital wallet with P2P payment functionality will be launched for the first users in a pilot phase by the end of 2023 across France and Germany, with a broader market launch in Belgium, France, and Germany planned for early 2024. EPI is actively working with its members, including Societe Generale, to develop the solution and prepare for its implementation and roll-out, positioning itself as the common solution and innovation platform of the European payment ecosystem.

EPI Press contact:
media@epicompany.eu
phone +32 472 33 02 16
https://www.epicompany.eu/news/

Société Générale Press contacts:
Amandine GRISON – 01 41 45 92 40 – amandine.grison@socgen.com
Bernard GAUDIN – 01 42 13 15 98 – bernard.gaudin@socgen.com

SOURCE: Societe Generale