Key themes
EPI : European Payments Initiative
What is the European Payments Initiative?
EPI is a European initiative that favors sovereignty
The project aims to facilitate payments in Europe by creating a pan-European interbank system. “EPI’s goal is to offer a digital payment solution that can be used anywhere in Europe and thus reshape the current fragmented landscape.
Gathering of 13 banks
The parties currently cover 60 to 65% of the card volumes in the € zone.
Launch of a digital wallet and 2 distinct products
An EPI Card product covering all current card use cases and an End-to-end SCT Inst
Founding partners
The EPI reshuffles the deck
and led banks to rethink their approach and service offering in the area of payments. Impacts in multiple areas that require a strategic and operational reflection.
An evolving world of payments
- Arrival of new entrants: digital giants, FinTechs and specialized industrial players
- Accelerated consolidation of the payments market
- New relationship with national and international schemes
- Internationalization of the market
A marketing offer to rebuild
- A new EPI offer to be articulated with the current payment offers and taking into account new behaviors
- The need for strong customer communication and consideration of the issues for merchants
- A customer experience at the highest level, especially around the mobile application
A banking IS in full mutation
- Hybridization of payments between electronic banking and credit transfers and the generalization of real-time payments, which require a rethinking of the information system architecture
- Beyond the EPI, major technological developments (APIs, cloud, etc.) are impacting payment systems, which must become more agile and flexible in order to respond to the rapid changes in the payment ecosystem
A new business model to be defined
- New value-added services to be developed as part of a global approach to cards and transfers
- Cross-functional services (underwriting, self-care, anti-fraud, etc.) to be shared between the various EPI payment instruments
Galitt‘s value proposition
Training and preparation of teams
An EPI training course organized in 4 modules, accessible in face-to-face and distance learning
Organization of a transverse program
Goal for banks: to be ready to launch EPI products in Q1 2022, including possible certifications. It is important to carry out an in-depth analysis as soon as possible, in order to define the bank’s strategy, its priorities and its organization before launching the projects.
Implementation of a payment strategy
Definition of the perimeters, identification of opportunities and risks, identification of the strengths and weaknesses of the offer, Identification of strategic scenarios, synthesis and recommendations
Studies and product design
Between now and 2022, there are many issues that need to be addressed because EPI will revolutionize the payment value chain, requiring a complete rethink. The EPI courses must be at the level of the best in each category
View our dedicated articles for EPI
EPI: the next European payment revolution?
In 2020, 16 European banks from 5 Eurozone countries launched the idea of an international payment network independent of Visa and Mastercard,...
Become EPI-ready with the Sopra Steria Group
As new players join the European Payments Initiative (EPI), all eyes will no doubt be on the collective readiness when the first specifications...
EPI – Episode 3 : EPI, the payer and the payee
Previously, in Episode 2The official launch of EPI will accelerate the movement towards hybridization of payments and foster the emergence of the...
EPI – Episode 2: Conquering the IP rail
Previously, in Episode 1The official launch of EPI will accelerate the movement towards hybridization of payments and foster the emergence of the...
EPI – Episode 1: Hybridization of payments
EPI ReminderOn July 2, 2020, the European Payments Initiative (EPI) was officially launched with sixteen European banks out of the initial twenty,...
Do you have questions ?
Pierre Lahbabi
Galitt – CEO
pierre.lahbabi@galitt.com
+ 33 6 48 70 15 93