Raiffeisen Bank International (RBI), one of Central and Eastern Europe’s financial titans, has made an intriguing move by joining the European Payments Initiative (EPI) as an Acceptor Payment Service Provider (PSP). This decision reveals their clear intent to align with Europe’s vision of creating an integrated and self-reliant payment ecosystem. Entrepreneurs and business owners should take note, not of the corporate shuffle itself but of the unfolding opportunities this initiative sets in motion.
Why RBI’s Decision Matters
For years, logistical and economic barriers have hindered a fully unified European payment system. While giants like Visa and Mastercard dominate, gaps exist, especially for payment service providers who want more autonomy in Europe. This is where EPI steps in with a vision to unify fragmented payment infrastructures and reduce dependence on external ecosystems. RBI’s adoption of EPI’s solution reflects its readiness to compete on this scale and contribute toward financial sovereignty in the region.
RBI’s choice to invest in EPI mirrors a bigger, higher-stakes bet on localized, accessible payment solutions for businesses and consumers alike. For startups, SMEs, and even solopreneurs, this shift could level the playing field dramatically.
What Does an Acceptor PSP Do, and Why Is It Relevant?
An Acceptor PSP essentially enables merchants and service providers to accept payments within a network, a vital component of frictionless transactions. Through its involvement in EPI, RBI is essentially equipping businesses to integrate Wero, a new account-linked, mobile-first payment system, into their offerings.
Wero, developed under the EPI umbrella, is the exciting new contender in European payments. It offers an alternative to traditional card-based systems, focusing instead on account-to-account transactions. Wero’s model simplifies the payment process for both businesses and customers with its emphasis on speed, cost-efficiency, and security. Imagine no interchange fees for merchants or faster access to funds, you can see how game-changing this model can be for smaller businesses strapped for liquidity.
Implications for Entrepreneurs and Startups
Here’s where it gets interesting for market players like you:
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Cost-Effective Payments: Bank charges, transaction fees, and time delays are pain points for companies. Wero-enabled payments could reduce these costs, making financial workflows less taxing.
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Customer Trust through Compliance: EPI’s system adheres to European regulations, which boosts consumer trust. For businesses, this translates into smoother customer adoption without the learning curve or fear of data misuse.
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Increased Adoption in Emerging Markets: RBI’s stronghold across Central and Eastern Europe means underrepresented markets might see payment modernization faster than expected. Startups in these regions should closely watch how quickly Wero adoption scales.
A Simple Guide to Prepare Your Business for EPI’s Payment Ecosystem
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Evaluate Your Current Payment Services: Assess fees, adoption rates, and customer preferences. For high processing fees, Wero could reshape your cost structure favorably.
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Speak to Your PSP: Talk to your payment processor if they are an RBI partner or plan to integrate Wero down the line.
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Tech Integration is Key: If your business thrives online, you may need to prepare for API integrations. Check resources provided by EPI, such as its official site, to stay updated on compatible service providers.
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Follow the Early Trends: Monitor businesses already integrated into the Wero system. Consumer reviews and early adopter feedback can help solidify your strategy.
Common Missteps to Avoid
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Ignoring the Movement: Payment systems may seem like background rules, but staying passive is costly. If Wero gains market traction, delays in adopting the system could leave you struggling to catch up.
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Overlooking Costs: Switching costs between payment platforms exist. Invest effort upfront to calculate what a switch might entail, staff training, new IT capabilities, etc.
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Neglecting Security Concerns: Even if Wero positions itself as secure, your team should still educate itself on how to securely deploy systems compliant with evolving EU regulations.
What This Signals for the Broader Market
This step by RBI suggests competition in payments could grow fiercer in the banking and tech sectors. Small and medium businesses now have clearer paths to affordable, effective solutions crafted with European laws in mind. For entrepreneurs looking to challenge incumbents or innovate in FinTech, services like Wero could form the backbone of exciting new ventures.
Closing Thoughts
RBI’s inclusion in the European Payments Initiative isn’t just another corporate press release, it’s a pivot point for economic connectivity in Europe. Businesses, especially startups, should think of this as an evolving opportunity to ride the wave of financial innovation. More than ever, the decisions you make about payment infrastructures could have long-lasting impacts on everything from scalability to customer retention. While the details feel technical, the outcome is straightforward, more options, better integration, and opportunity for those willing to prepare.
Ultimately, success here comes down to being proactive. If EPI achieves its stated goals, early adopters will reap the benefits of cutting their overheads, streamlining payments, and connecting with like-minded players across Europe. Keep your eyes open, this is no ordinary reshuffle.
FAQ
1. What is Raiffeisen Bank International (RBI)?
RBI is one of Central and Eastern Europe’s top banking institutions, providing innovative financial solutions to a diverse range of markets. Learn about RBI’s initiatives as an Acceptor PSP
2. What is the European Payments Initiative (EPI)?
EPI aims to unify fragmented payment systems across Europe by creating a sovereign payment ecosystem supported by major European banks. Find more about EPI Company
3. What is an Acceptor PSP and why is it important?
An Acceptor PSP enables businesses and merchants to accept payments within a payment network, crucial for seamless transactions. Explore RBI’s role as an Acceptor PSP
4. What is Wero and how is it transforming payments in Europe?
Wero is EPI’s account-linked, mobile-first payment system offering a fast, secure, and cost-efficient alternative to card-based payments. Learn more about Wero
5. Why did RBI join EPI?
RBI joined EPI to contribute to Europe’s financial sovereignty and offer advanced payment solutions to businesses and consumers. Read RBI’s official announcement
6. How will EPI impact startups and SMEs in Europe?
By reducing transaction fees, enhancing compliance, and enabling faster payments, EPI will level the playing field for smaller businesses. See emerging market opportunities
7. Which markets stand to benefit most from RBI’s role in EPI?
Central and Eastern Europe will see accelerated payment system modernization thanks to RBI’s established presence in the region. Read about RBI’s regional strategies
8. How does Wero compare to traditional payment systems like Visa and Mastercard?
Wero emphasizes account-to-account payments rather than cards, eliminating interchange fees and enabling faster access to funds for businesses. Discover Wero’s benefits
9. What should companies do to prepare for EPI integration?
Businesses can analyze current payment systems, consult with PSPs for integration options, and prepare for API implementations to adopt Wero.
10. What is the significance of RBI being the first EPI member outside its initial launch area?
This highlights EPI’s intent to expand acceptance across Europe and strengthen financial autonomy in regions beyond Western Europe. See RBI’s statements
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
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- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
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Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
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Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
