European Payments Initiative (EPI) announced plans to acquire Dutch payment solution iDEAL and payment solutions provider Payconiq International (PQI).
EPI is a payment platform “supported by a group of major European banks including ABN AMRO.”
EPI’s takeover of iDEAL and Payconiq “marks an ambitious step towards a pan-European digital payment solution.”
EPI, iDEAL and Payconiq are “joining forces to bring their shared vision to reality by building a European digital payment system fit to compete with global players.”
The EPI platform “provides an excellent basis for further innovations in the European payment market.” The takeover announced is “subject to approval by the relevant national and European authorities.”
EPI was “set up by fourteen commercial banks and partners from the Netherlands, Belgium, Germany and France.”
The initiative is “developing a uniform, harmonised European payment infrastructure for consumers and businesses, and offers several methods of payment so that users can choose the solution best suited to their needs.”
iDEAL is the Netherlands’ online payment system, “used by consumers to make millions of online purchases and donations every day.”
iDEAL is “owned by Currence, whose shareholders are ABN AMRO, ING and Rabobank.”
Through the takeover, ABN AMRO and Rabobank will also “become shareholders in EPI alongside ING.”
As one of the shareholders in Currence, ABN AMRO is closely “involved in developing iDEAL in the Netherlands.”
The planned takeover by EPI will now “expand iDEAL’s reach to the European level.”
Annerie Vreugdenhil, CCO Personal & Business Banking at ABN AMRO, said:
“The wants and needs of consumers and business owners around payments are constantly evolving. We work continuously on new options and solutions to meet those changing needs, especially in terms of convenience, data privacy, security and integrating additional services and innovations in the buying and selling process. Obviously, these developments don’t just stop at the Dutch national borders.”
Annerie added:
“We at ABN AMRO are proud to be becoming part of the new EPI platform through the iDEAL takeover, which demonstrates iDEAL’s value and trustworthiness as a payment solution. Partnering with other large European banks will enable us to keep innovating for our clients, and collaborate on an innovative European payment system that will in due course add new services to the familiar iDEAL experience. These will include services such as repeat payments for subscriptions and payment in instalments.”
EPI’s services will be “delivered in the Netherlands via the ABN AMRO app and Internet Banking.”
EPI will be “introduced in phases, with users in the Netherlands first being upgraded to iDEAL 2.0.”
The upgrade will “give them access later this year to services such as fast checkout, and will be completed for the entire Dutch market by mid-2024.” After that, iDEAL is “expected to transfer to EPI in phases.”
Martina Weimert, CEO of EPI Company, said:
“EPI is delighted to welcome iDEAL and PQI to the platform. We will be making a united endeavour to achieve EPI’s vision by building an innovative solution based on a new, uniform, instant payment scheme and platform for Europe. We are developing a new, scalable platform to respond optimally to the payment needs of European consumers and merchants today.”