European payment providers launch interoperability network

A new report from Capgemini Research Institute highlights a significant gap in B2B payment efficiency. While 60% of banks have prioritized B2B payment innovation over the last three years, only 32% of corporate clients report being satisfied with their primary bank. The report notes that while fund transfers between institutions via networks like Swift are rapid, the surrounding operational processes—such as origination, confirmation, and reconciliation—remain slow, causing B2B payment journeys to average 3.5 days.

In response to the dominance of major players like Visa and Mastercard, European payment solutions are forming new alliances. The European Network for Payments, a co-owned entity to be based in Madrid, is being established to create a cross-border interoperability platform. This network aims to cover 13 markets and 130 million consumers by 2027. This initiative includes solutions such as Wero, Bancomat, and Bizum, with Wero expanding its reach into the merchant market through partnerships with groups like Decathlon and Air France-KLM.