Top banks in Europe have contributed $36.5 million in seed money to explore creation of a Brussels-based company to facilitate debit and credit card as well as instant account-to-account payments in the European Union between consumers, merchants and financial institutions. Under the name European Payments Initiative (EPI), an interim team is writing rules for governance, the routing of transactions, identifying the business cases for all parties and more. A decision whether to create an operating company will be made later this year. If the parties proceed, the operating company will handl...