European Payments Initiative completes acquisitions of iDEAL and Payconiq International
The European Payments Initiative (EPI) has successfully completed its acquisition of both iDEAL, the online payment solution developed by Dutch payments processor Currence, and Luxembourg-based payment technology provider Payconiq International (PQI).
EPI acquires iDEAL and PQI
The EPI is a shared endeavour set up by 16 of Europe’s largest banks – including BNP Paribas, Société Générale, Deutsche Bank and Crédit Agricole – to build a standardised payment solution for the continent using instant account-to-account payments infrastructure.
Last month, it confirmed the arrival of its digital wallet solution Wero as a means to enable faster and more efficient payment flows between customers and merchants.
The solution is expected to launch in Belgium, France and Germany by mid-2024, followed by a forecast launch in the Netherlands.
The group first announced its plans to acquire PQI and iDEAL back in April as a means to leverage their “strong operational experience, know-how and local market knowledge” in preparation for the arrival of Wero.
PQI already has an established commercial relationship with Currence and distributes iDEAL in the Dutch market, enabling consumers to complete online transactions directly through a bank account.
It also distributes its own payment solutions, including its payments platform Bancontact, in Belgium and Luxembourg – key target areas for EPI’s unified instant payment scheme.
EPI CEO Martina Weimert says the addition of both iDEAL and PQI along with their respective teams “will be very valuable in driving the success of EPI and its payment solution Wero”.
The financial details of the acquisitions have not been disclosed.
