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