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HomeBankingEuropean Payments Initiative completes acquisitions of iDEAL and Payconiq International

European Payments Initiative completes acquisitions of iDEAL and Payconiq International

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  • The European Payments Initiative (EPI) has acquired iDEAL, an online payment solution by Dutch payments processor Currence, and Payconiq International (PQI), a Luxembourg-based payment technology provider.
  • EPI is a collaborative effort by 16 major European banks to create a standardized payment solution using instant account-to-account payment infrastructure.
  • EPI is set to launch its digital wallet solution, Wero, to facilitate faster and more efficient payments between customers and merchants in Belgium, France, and Germany by mid-2024, followed by the Netherlands.
  • The acquisition of PQI and iDEAL was announced in April to leverage their expertise in preparation for the launch of Wero.
  • PQI has a commercial relationship with Currence and distributes iDEAL in the Dutch market, facilitating online transactions through bank accounts.
  • EPI CEO Martina Weimert sees the addition of iDEAL and PQI as valuable for the success of EPI and Wero, but the financial details of the acquisitions remain undisclosed.

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