A group of 16 banks from five Eurozone countries (Belgium, France, Germany, the Netherlands and Spain) is paving the way for the European Payments Initiative (EPI).

EPI’s ambition is to create a new payment solution that will become a new standard means of payment for European consumers and merchants for in-store and online transactions, cash withdrawals and “peer-to-peer” payments. EPI is expected to enter the operational stage in 2022. The ECB welcomes this initiative to launch a new European payment solution.

EPI’s founders will incorporate an interim company in Brussels, Belgium, which will be in charge of preparing the technical and operational roadmap. Other European banks, banking syndicates, as well as third-party payment service providers can apply and join EPI as founders.

Eubelius serves as counsel to EPI and its participating banks, which include KBC, ING and BNP Paribas.

The Eubelius team consists of Hans Gilliams, Matthias Wauters, Sarah Roobrouck and Sandrine Mathieu.