European Payments Initiative

What European Payments Initiative does

The European Payments Initiative (EPI) is a private banking consortium structured as a Belgian societas Europaea that operates the Wero pan-European digital wallet. Founded in 2020 by 16 European banks and payment service providers, EPI has grown to 18 shareholders and more than 50 member institutions, including BNP Paribas, Deutsche Bank, ING, Crédit Agricole, Belfius, KBC, Société Générale, Erste Bank, and Raiffeisen. Wero is built on SEPA Instant Credit Transfer rails, enabling direct account-to-account payments without intermediary PSPs, with transactions settling in under 10 seconds. The platform serves over 56 million users across Belgium, France, and Germany, with active expansion into Luxembourg, the Netherlands, and Austria. EPI generates revenue through transaction-based fees on instant payments processed through Wero, with pricing negotiated bilaterally between member banks, acquirers, and merchants rather than published publicly.

EPI Company SE was authorized by the National Bank of Belgium as a payment institution in February 2024, licensed as PISP and AISP covering 7 payment initiation services and 8 account information services. The company operates as the governance and scheme infrastructure for a four-corner payment ecosystem linking banks, consumers, acquirers, and merchants. In April 2023, EPI acquired the Dutch payment solution iDEAL (handling 70%+ of Dutch online transactions) and Payconiq International, both of which are being migrated to Wero by end of 2027. The company's go-to-market relies on distribution through member banks' mobile applications plus a standalone Wero app on iOS and Android, with merchant acceptance enabled through Acceptor PSPs including ACI Worldwide, Global Payments/Worldpay, Nuvei, Adyen, Worldline, and Airwallex.

The business model targets Europe's fragmented payment landscape, where Visa and Mastercard process an estimated 60-65% of European card transactions and roughly 50% of consumer transactions remain in cash. EPI positions Wero as a sovereign European alternative emphasizing data residency in European data centers, direct A2A economics that eliminate intermediary costs, and regulatory alignment with the EU Instant Payments Regulation effective January 2025. Roadmapped features include BNPL options backed by banks, e-ID verification, and merchant loyalty integration. EPI has a registered share capital of €669M and operates with a lean 11-50 employee fully remote workforce, with bank partners absorbing distribution and customer service costs.

Name

European Payments Initiative

Legal name

EPI Company SE

Website

https://epicompany.eu

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

The European Payments Initiative (EPI) is a banking consortium operating the Wero pan-European digital wallet, built on SEPA Instant Credit Transfer rails. It serves over 56 million consumers across Belgium, France, and Germany through 18 shareholder banks and 50+ member institutions, targeting European payment sovereignty.

Ownership category

akta.pro rank

Product category

Payment Network Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro primary industry

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

akta.pro secondary industries

Bank-to-Bank Transfers & Pay-by-Bank (Consumer & Merchant) (FSAMAFAC), Instant Payment Scheme Connectivity & Processing (e.g., FedNow, SEPA Instant, Faster Payments) (FSAMAHAD), Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB)

Keywords

• Pan-European payments
• Instant payment scheme
• Digital wallet
• Account-to-account payments
• SEPA instant credit transfer

Headquarters

HQ city

Molenbeek

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Transaction-based fees on instant payments: EPI generates revenue through transaction fees on instant payments processed through the Wero platform. The scheme eliminates intermediaries in the payment chain, offering a cost-effective alternative to traditional card networks for banks, merchants, and consumers.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

European Payments Initiative operates the pan-European Wero payment scheme and the Wero digital wallet, enabling instant account-to-account payments between consumers and merchants across participating banks and PSPs. The company supplies the scheme rulebook, brand, and integration infrastructure that member banks use to deliver a unified European payment experience, replacing legacy national schemes with a single harmonized solution built on SEPA Instant Credit Transfer rails.

Product overview

EPI operates as a payment scheme backed by 18 European banks and payment service providers, with Wero as its core digital wallet product. Wero is a pan-European instant payment solution based on SEPA Instant Credit Transfer rails, offering peer-to-peer transfers, e-commerce payments, and point-of-sale purchases. EPI acquired iDEAL (Netherlands' dominant online payment method) and Payconiq International to expand its reach and facilitate migration of national schemes to the Wero platform. The company also provides payment scheme rules and governance for the four-corner payment ecosystem involving banks, consumers, acquirers, and merchants.

Differentiator

Problem solved

Functional benefit

Brands

• Wero: A pan-European digital wallet launched by EPI, enabling instant account-to-account payments via SEPA Instant Credit Transfer. Available in Belgium, France, Germany, Luxembourg, and the Netherlands, with expansion to Austria underway. Supports P2P transfers, e-commerce payments, and point-of-sale transactions.

Products and services

• Wero digital wallet

Quantifiable outcome

• Over 56 million users across Belgium, France, and Germany as of June 2026
• +4 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature2 records

Partnerships

16 partnerships are on record, tiered core.

• Erste Bank OesterreichcoreStrategic or Co-development Partner · 22 June 2026Austrian banking group and lead institution of Austrian Sparkassen group with 4.3 million private customers. Joined EPI as shareholder alongside Raiffeisen to bring Wero to Austrian customers, representing a strategic growth market for the pan-European payment solution.
• Raiffeisen Bank InternationalcoreStrategic or Co-development Partner · 22 June 2026Leading Austrian corporate and investment bank covering Austria and Central and Eastern Europe. Joined EPI as Acceptor PSP enabling merchants within network to accept Wero payments for e-commerce and point-of-sale transactions. Serves 18.6 million customers through subsidiary banks.
• Raiffeisen Landesbanken (NÖ-Wien, Oberösterreich, Steiermark)coreStrategic or Co-development Partner · 22 June 2026Three Austrian regional Raiffeisen banks joining RBI as EPI shareholders to support Wero rollout in Austria. RLB NÖ-Wien is the leading institution in Lower Austria and Vienna; RLB Oberösterreich has EUR 49 billion in assets; Raiffeisen-Landesbank Steiermark serves 800,000+ banking relationships.
• RabobankcoreStrategic or Co-development Partner · 16 June 2026Rabobank is migrating the Netherlands' dominant iDEAL payment system (handling 70%+ of Dutch online transactions) to Wero, powered by ACI's Real-Time Payments Processing technology. Migration expected to complete by end of 2027, representing one of Europe's largest payment transformations.
• Bancontact Payconiq CompanycoreTechnology or Integration · 16 June 2026Belgian payment company managing Bancontact and Payconiq schemes. Luxembourg Payconiq shutting down September 30, 2026 with major banks launching Wero in mid-2026.
• ACI WorldwidecoreTechnology or Integration · 11 June 2026Joined EPI as Technical Service Provider and Principal Member. Integrating Wero wallet solution onto ACI's Payments Orchestration Platform, enabling merchants and financial intermediaries across Europe to offer Wero as a payment method. ACI powers 26 domestic and pan-regional instant payment schemes globally.
• BoursoBankcoreTechnology or Integration · 9 June 2026France's leading online bank with 8.9 million customers integrating Wero for P2P transfers via mobile phone numbers. First bank in France to offer Wero to customers aged 10-17. Partnership completes Wero's coverage of the French market.
• ING GermanycoreTechnology or Integration · 3 June 2026ING Germany expanded Wero beyond peer-to-peer payments to include online payments at participating retailers. Over 600,000 ING customers have activated Wero (15% of current account holders), achieving Germany's highest activation rate. Partners include Eventim, IKEA Germany, and Lidl online shop.
• Global Payments (Worldpay)coreTechnology or Integration · 25 March 2026Global Payments' Worldpay business joined EPI as Principal Member, enabling its merchant clients to accept Wero across Europe. The move aligns with Global Payments' shift to a pure-play commerce solutions model following the Worldpay acquisition (USD 24.25 billion in January 2026).
• N26coreTechnology or Integration · 8 December 2025European digital bank announced partnership with Wero to integrate instant payment options across Europe starting H2 2026. Partnership aims to enhance payment experience with P2P transfers, instant transactions, and IBAN-less payments using phone numbers or email addresses, initially launching in Germany, France, and Netherlands.
• NuveicoreTechnology or Integration · 20 November 2025Launched Wero Payments targeted at European eCommerce merchants. Nuvei's merchants including CamperDays have started processing transactions via Wero, enabling instant, secure account-to-account payments across Europe using SEPA protocols.
• AirwallexcoreTechnology or Integration · 17 November 2025Global financial platform became Principal Member of EPI, integrating Wero Wallet into its offerings. Partnership aims to enhance cross-border payments for merchants across Europe, starting in Germany before expanding to France and Belgium. Airwallex crossed US$1bn annualized run rate revenue threshold in 2025.
• ABN AMRO, ING, Rabobank (iDEAL Migration)coreStrategic or Co-development Partner · 4 November 2025Major Dutch banks collaborating on iDEAL transition to Wero beginning early 2026. ABN AMRO, ING, and Rabobank supervising the migration under Dutch Central Bank oversight to create unified, secure payment system across Europe with seamless cross-border transactions and expanded services like purchase protection.
• RevolutcoreTechnology or Integration · 20 June 2025UK-based fintech joined EPI as member, expanding Wero's reach to include Revolut's European customer base alongside existing bank partners.
• MolliecoreTechnology or Integration · 20 June 2025Dutch payment service provider joined EPI as member, enabling Wero acceptance for merchants through Mollie's platform across Europe.
• EuroPA AlliancecoreStrategic or Co-development Partner · 1 September 2024EPI and EuroPA Alliance signed MoU on February 2, 2026, creating interoperability hub linking national payment systems (Bizum, Bancomat, MB WAY, Vipps MobilePay) across 13 countries with approximately 130 million users.

Scale indicators6 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Visa: Global card network processing the majority of European card transactions. Visa is the dominant incumbent alternative Wero explicitly positions against as a pan-European A2A replacement.
• Mastercard: Global card network and Wero's other primary competitor in European card payments. Both Visa and Mastercard process 60-65% of European card transactions and are the explicit incumbents EPI seeks to displace.
• PayPal: Global digital wallet and online payment network with established European merchant and consumer reach. PayPal is a broad incumbent alternative competing for the same cross-border e-commerce payment flows Wero targets.

Direct peers

• Swish: Swedish A2A real-time payment scheme jointly owned by major Nordic banks. It is the most direct European analogue to Wero in terms of bank-led instant payment infrastructure for consumers and merchants.
• Vipps MobilePay: Norwegian/Danish mobile payment app combining Vipps and MobilePay, operated as a bank-owned scheme. It is a directly comparable national A2A wallet that is part of the EuroPA Alliance interoperability hub with Wero.
• Bizum: Spain's dominant instant mobile payment scheme backed by Spanish banks. It is a direct peer in the European A2A landscape and an EuroPA Alliance partner for cross-border interoperability with Wero.
• Bancomat: Italian interbank payment scheme and brand. It is a directly comparable national scheme now part of the EuroPA Alliance interoperability network that Wero is integrating with.
• MB WAY: Portuguese mobile payment solution from SIBS. It is a directly comparable European mobile wallet scheme and an EuroPA Alliance member connecting to Wero's interoperability hub.
• Adyen: European payment processor and Principal Member of EPI. Adyen provides the merchant-side acquiring infrastructure that processes Wero transactions, making it both a competitor (PSP) and a distribution partner.
• Worldpay (Global Payments): Global merchant acquirer integrated as a Principal Member of EPI enabling Wero acceptance. Worldpay is a directly comparable payment processor operating in the same merchant-acquiring and scheme-participation space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights8 records

Customer concentration

• Xtwitter.com/EPI_Wero
• Facebookfacebook.com/wero.eu
• LinkedInlinkedin.com/company/epicompany
• Instagraminstagram.com/wero_eu

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about European Payments Initiative