“EPI” stands for “European Payments Initiative”  EPI is an initiative launched by 31 European banks/credit institutions and 2 third-party acquirers to create a unified, innovative pan-European payment solution leveraging Instant Payments SEPA Instant Credit Transfer (SCT Inst). The solution aims to become a new standard in payments for European consumers and merchants across all types of retail transactions including in-store, online, and “peer-to-peer”.