ENP is not a payment network. It is a margin killer for PSPs.

Bizum, Bancomat, Wero, MB WAY, and Vipps MobilePay have formed the European Network for Payments. The stated goal is unified cross-border instant transfers. The unstated consequence is that PSPs lose their pricing power on cross-border rails.

Think about what PSPs currently charge for. Cross-border instant payments carry a premium because they sit on fragmented infrastructure. Reconciliation is manual. Settlement windows vary. Exception handling is painful. ENP removes most of that friction at the infrastructure level. When the underlying rail becomes commoditized, the fee you attach to it becomes harder to defend.

According to Frederic Yves Michel NOEL, PSPs that treat ENP as a technical integration will be the first to feel margin compression. The operators who survive will be the ones that shift revenue toward value-added services — compliance, fraud screening, merchant reporting, FX management — not transaction routing.

For PSPs running cross-border SEPA Instant today, where do you see the biggest pricing pressure first: business payments, marketplace payouts, or consumer remittances?

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