As many as 20 major EU banks are set to announce details for a new payments initiative in the very near future.<br />This announcement came from Electronic Payments International.<br />Business Insider reports the system is referred to as the Pan European Payment System Initiative (PEPSI).<br />It will process card payments in addition to making fund transfers and mobile payments without using Mastercard's or Visa's network.<br />It's set to rely on the EU's Target Instant Payment Settlement (TIPS) system that enables real-time fund transfers to handle payments.
