European bank giants plot payment network to rival Visa and Mastercard
Members of the European Payments Initiative have said that a pan-European rival to Visa and Mastercard coulbe in place by 2025. (Photo by Justin Sullivan/Getty Images)
Members of the European Payments Initiative (EPI), a project launched with the help of 22 banks, said today that a pan-European payment network can be in place by 2025, making the continent “master of its own destiny.”
The 22 banks, which include names such as Deutsche Bank, UniCredit and ING, are shareholders in the EPI and have until December to commit to implementing the network over the next three years.