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Future of payments: in your view, which of the following factors is most likely to trigger the next wave of innovation in the European payments market?

Mobile payments
Instant payments
Regulation
Virtual currencies
Cyber security
or show results

 

EPC Newsletter
Issue 26 - April 2015

Trends expected to shape the future of payments in Europe and other regions around the globe

The European Payments Council (EPC) is ready and looks forward to making the next steps in the SEPA process in close dialogue with all stakeholders. EPC Chair Javier Santamaría reiterates key features of the new EPC governance model, which became operational in April 2015.

Emanuela Cerrato and Francisco Tur Hartmann of the European Central Bank point out that no solution for instant payments in euro has actually been deployed at Europe-wide level. Work is now progressing towards the goal of at least one such solution, as advocated by the Euro Retail Payments Board.

Connie Theien of the Federal Reserve System outlines a multi-faceted plan to enhance the speed, safety and efficiency of the U.S. payment system.

Chris Hamilton of the Australian Payments Clearing Association introduces Australia’s New Payments Platform.

This edition reports on Ripple, the first open-standard, internet protocol based technology for payment service providers (PSPs) to clear and settle transactions in real-time via a distributed network and highlights possible applications of blockchain technology by the banking industry.

Cyber security is a precondition to promoting innovation also in the area of payments in the European Union (EU). Udo Helmbrecht of the EU’s Agency for Network and Information Security (ENISA) describes key ENISA initiatives to secure the EU’s cyber space.

On 10 March 2015, the EPC, together with the Cards Stakeholders Group (CSG), published version 7.05 of the SEPA Cards Standardisation Volume for public consultation. CSG Co-Chair Claude Brun invites all stakeholders to provide feedback by 5 June 2015.

Last but not least: Jean-Yves Jacquelin, a banker with more than 30 years of experience in payments, comments on new opportunities for account-servicing PSPs: “The changing payments landscape impacts the needs of account-holding customers. Banks that re-define their role as account-servicing PSPs in the digital age are uniquely positioned to meet those needs. Notions, articulated by some, anticipating the imminent demise of ‘traditional’ banks offering payment services are therefore premature.” The belief that only ‘new’ players would command innovative capability or could design competitive payment initiation and account information services, he says, is ‘old school’.

Please recommend the EPC Newsletter to your colleagues – a free subscription can be obtained by clicking here. The next issue will be published in July 2015.

EPC Latest News

European Payments Council 2.0 Is Now Operational: Stakeholders Are Invited to Stay Engaged in the Evolution of the SEPA Credit Transfer and SEPA Direct Debit Schemes Going ForwardThe EPC is ready and looks forward to making the next steps in the SEPA process

28.04.15 By Javier Santamaría

In the October 2014 edition of the EPC Newsletter, we first reported that with the main phase of the migration to harmonised SEPA payment schemes in the euro area complete, the European Payments Council (EPC) resolved to adapt its structure to further enhance governance and stakeholder involvement. The EPC has pointed out that the adjustments to its governance model are of an evolutionary rather than a revolutionary nature. They contribute to ensuring that the EPC meets its purpose, which is to support and promote European payments integration and development, notably SEPA. The primary objective of this evolution is to ensure that the EPC continues to be best equipped to perform its main task, i.e. to manage the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes, in an efficient and transparent manner. The new EPC governance model became operational with the publication of the revised EPC Charter in February 2015 followed by the publication of the amended document ‘SEPA Scheme Management Internal Rules’ in April 2015. In this article, EPC Chair Javier Santamaría reiterates key features of the new EPC governance model relevant, in particular, to the management of the SCT and SDD Schemes going forward. With the adjusted EPC governance model operational, the EPC constitutes the following two new bodies: the ‘EPC Scheme End-User Forum’ and the ‘EPC Scheme Technical Forum’. On 17 April 2015, the EPC launched a call for candidates, inviting interested organisations to apply for participation in the EPC Scheme End-User Forum and the EPC Scheme Technical Forum, respectively, by 8 May 2015. 

Key Information in this Article

New European Payments Council (EPC) Charter: 

  • The new EPC governance model is described in the revised EPC Charter which became effective and was published on 10 February 2015.

Amended EPC document ‘SEPA Scheme Management Internal Rules’:

  • This document contains descriptions of the internal organisation, structure, rules, and processes that make up the scheme management of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes. Such processes cover administration and compliance, and change management, including structured dialogue with stakeholders.
  • Following a public consultation, the EPC published the amended Scheme Management Internal Rules on 3 April 2015.

EPC calls for candidates seeking appointment to the EPC Scheme End-User Forum or the EPC Scheme Technical Forum. Applications are invited by 8 May 2015.

  • On 17 April 2015, the EPC launched a call for candidates to invite interested organisations to apply for participation in the EPC Scheme End-User Forum and the EPC Scheme Technical Forum, respectively.
  • The composition of, and the criteria for membership in, the EPC Scheme End-User Forum and the EPC Scheme Technical Forum are described in the documents ‘Profile – Member of EPC Scheme End-User Forum (SEUF)’ and ‘Profile – Member of EPC Scheme Technical Forum (ESTF)’.

Links to the documentation cited above are included in the ‘related links’ at the end of this article.

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Focus: On Integration and Innovation

Instant Payments – a Winning Bet?How instant payments may contribute to designing the future retail payments market

28.04.15 By Emanuela Cerrato and Francisco Tur Hartmann

Should payments be as quick as emails or messaging with smartphone apps? Should funds be transferred instantly from sender to receiver around the clock? Many actors are paying more attention to instant payments and often cooperative initiatives are emerging in different regions of the world. In Europe, both the industry and public authorities are involved in discussions and projects to deliver instant payment solutions in euro at pan-European level. Without pretending to be exhaustive, in this article, Emanuela Cerrato and Francisco Tur Hartmann of the European Central Bank (ECB) look at instant payments from multiple angles, aiming to set ‘instant’ into the wider context of the future of retail payments. The authors point out that no solution for instant payments in euro has actually been deployed at Europe-wide level. Work is now progressing towards the goal of at least one such solution, as advocated by the Euro Retail Payments Board (ERPB) – a high-level entity chaired by the ECB and bringing together the supply and the demand side of the industry to address strategic questions concerned with retail payments. The aim is to take a European perspective from the beginning and act before new ‘silo’ solutions emerge which would renew, for innovations, the fragmentation overcome in SEPA, in particular for credit transfers and direct debits. The views expressed in this article are solely those of the authors and should not be attributed to the European Payments Council, nor to the European Central Bank. 

Key Information in this Article Instant payments are gaining momentum: debate and initiatives are developing in a number of regions around the globe, including Europe. In December 2014 the Euro Retail Payments Board (ERPB), a multi-stakeholder group chaired by the European Central Bank (ECB), set out to address instant payments in euro. The debate within the wider industry was facilitated by a meeting on the clearing of instant payments held by the ECB on 4 March 2015 and is progressing in various discussion fora and task forces.    There is a case for instant payments: the assumption is that instant payments are beneficial to users and that the business case for providers is ‘absorbed’ by the expectation from users. However, there seems to be indeed an economic rationale for providers to offer instant payment solutions to both consumers and businesses, especially as a factor of customer retention and cross-selling. Is there also a case for global instant payments? Global retail payments are often inefficient and costly. Instant payment solutions may have the potential to grow globally and contribute to remedying this situation. As the technological advances make geographical borders ever less relevant and challenge the traditional way of doing business, the ECB is playing an active role to improve the payment system.

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Focus: On Integration and Innovation

Australia's New Payments Platform: Down Under Gets Ready for the Digital Economy of the FutureThe Australian payments community is laying the foundations for a new type of national payments system

28.04.15 By Chris Hamilton

In 2012, the Reserve Bank of Australia (RBA) issued a public challenge to the Australian payments community: can you deliver faster payments, 24/7/365 service availability, richer data flowing with the payment (to enable straight through processing) and simpler addressing (so you don’t need to know someone’s account number to pay them)? By 2017 Australia will have all that; but the payments community’s response has much greater ambitions. Australia’s New Payments Platform (NPP) will deliver ‘modern’ payments - fast, data rich, 24/7/365 payments with simpler addressing - using a unique ‘layered’ architecture designed to ensure extreme flexibility to deal with the unknown needs of future users. In this article, Chris Hamilton, CEO of the Australian Payments Clearing Association, explains why he sees this as the payments system of the digital future. He clarifies: “A new and wider range of customer expectations means existing payment networks must adapt. We need to create a marketplace where new payment solutions can be designed and implemented at low marginal cost as unexpected customer needs emerge.” The views expressed in this article are solely those of the author and should not be attributed to the European Payments Council.

Key Information in this Article The Reserve Bank of Australia (RBA) issued a public challenge to the Australian payments community to deliver faster payments, 24/7/365 service availability, richer data flowing with the payment and simpler addressing. These strategic objectives are to be delivered by a collaboration of 12 leading Australian payments organisations in the form of an entirely new payment system, the New Payments Platform (NPP). The key elements of the NPP are:
  • A domestic messaging network.
  • Use of ISO 20022.
  • A new fast settlement service.
  • An addressing database with associated proxies with account numbers.
  • A provision for ‘overlay services’.
The NPP uses a unique ‘layered’ architecture designed to ensure extreme flexibility to deal with the unknown needs of future users.

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Focus: On Integration and Innovation

Ripple: an Internet Protocol for Inter-bank PaymentsMeeting payment demands with a new approach to infrastructure

28.04.15 By Welly Sculley and Ryan Zagone

Payment service providers (PSPs) to date largely rely on intermediaries (clearinghouses, correspondents) to settle payments. As a result, PSPs incur material costs and risks that can be prohibitively expensive - especially for cross-border and real-time payments. One solution for addressing this structural problem is Ripple. In this article, Welly Sculley and Ryan Zagone of Ripple Labs deliver insight on this new payment technology. Ripple is basic infrastructure that optimises the payment process. Ripple is a neutral (i.e. non-government, non-corporate public good) internet-based protocol for connecting PSPs and payment systems. PSPs can use Ripple as a common ledger to clear and settle transactions in real-time at the lowest-possible cost. Ripple structurally alters the payment process by enabling bilateral settlement and real-time funding. PSPs can use Ripple to provide their retail and corporate customers with new and enhanced domestic and cross-border payment services. These include: real-time payments, comprehensive transaction traceability and reporting, and additional reconciliation information. The authors argue that these capabilities will be critical as the global demand for faster payments and greater geographic coverage continues to increase. The views expressed in this article are solely those of the authors and should not be attributed to the European Payments Council.

Key Information in this Article Ripple is the first open-standard, internet protocol (IP)-based technology for payment service providers (PSPs) to clear and settle transactions in real-time via a distributed network. PSPs can use Ripple to make faster payments in more currencies to more markets - all with lower risks and costs than is possible today. Ripple is for members, operators, and regulators of payment systems. It is designed to enhance and connect legacy systems and to enable the creation of new systems - all while minimising critical costs and risks:
  • Increases transaction speed and volume with lower credit risk.
  • Increases network connectivity with lower liquidity costs.
  • Enables more complex transactions with higher visibility and traceability.
Ledgering and funds-exchange technology for clearing and settlement. The Ripple protocol enables two critical functions:
  1. A common ledger to connect PSPs and payment networks: to clear transactions, Ripple provides continuous (24/7/365) connectivity between PSPs for real-time (approximately every 5 seconds) clearing, netting and monitoring - all without a central counterparty.
  2. A real-time funds-exchange to settle transactions: to settle same-currency transactions, Ripple transfers funds bilaterally; for cross-currency transactions, Ripple sources funds at the best exchange rate from a competitive marketplace of liquidity providers.
 

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Opinion and Editorial

Innovation Eats Banks? Hold Your Horses. A Commentary on New Opportunities for Account-servicing Payment Service ProvidersFresh thinking on the evolution of the European market for account, payment initiation and account information services

28.04.15 By Jean-Yves Jacquelin

In this article, Jean-Yves Jacquelin, a banker with more than 30 years of experience in payments, comments on the challenges and opportunities  which may materialise for banks in a new regulatory and technological environment, rendering the traditional role of ‘account-servicing’ payment service providers (PSPs) obsolete. This author clarifies: firstly, provisions in the forthcoming revised Payment Services Directive addressing business activities that are based on access to payment accounts by a third party who is not the account-servicing PSP reflect political ambitions which have been pursued for close to two decades. Secondly, adapting in line with emerging digital technologies has become a ‘conditio sine qua non’ for any business wishing to stay in, or ahead of, the game. The changing payments landscape however, also impacts the needs of account-holding customers. Banks, he argues, that re-define their role as account-servicing PSPs in the digital age, are uniquely positioned to meet those needs. Notions, articulated by some, anticipating the imminent demise of ‘traditional’ banks offering payment services are therefore premature. The belief that only ‘new’ players would command innovative capability or could design competitive payment initiation and account information services, he says, is ‘old school’. “Fear Eats the Soul (German: “Angst essen Seele auf”, meaning “Fear Eat Up Soul”) is a 1974 film written and directed by Rainer Werner Fassbinder (Wikipedia). The views expressed in this article are solely those of the author and should not be attributed to the European Payments Council. 

Key Information in this Article Regulatory action in the European Union (EU) impacting the traditional role of account-servicing payment service providers (PSPs): EU public authorities have focused, among other things, on challenging the role of ‘traditional’ PSPs, i.e. the ‘incumbents’ (which, to date, have generally been banks). As a result, the trend that payment services will no longer be services offered, primarily, by banks will be reinforced. Technological developments impacting account-servicing PSPs expected to materialise in the next five years: in the future, payment accounts will no longer serve as a ‘stand-alone’ solution, but provide a ‘plug-in’ for additional services linked, for example, to digital wallets and the cloud. The new role of account-servicing PSPs – the challenges:
  • Legal certainty with regard to access to accounts by third parties remains pending until the revised Payment Services Directive is fully implemented in all EU Member States (which is not expected before 2017, at the earliest).
  • Considering the inherent risk to security posed by access to the account by third parties, account-servicing PSPs will also have to implement additional measures to protect the integrity of the accounts and the account data. This translates, among other things, into higher maintenance, connection and processing costs for account-servicing PSPs.
The new role of account-servicing PSPs – the opportunities:
  • The concept of account-servicing remains a strategic opportunity for banks.
  • Specifically, banks are uniquely positioned to combine the advantages of a reliable and trusted account infrastructure based on highest security standards with value-added features including, but not limited to, solutions relying on access to the account in the new environment.

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Focus: On Integration and Innovation

Federal Reserve Publishes Strategies for Improving the U.S. Payment System Desired outcomes focus on improving the end-to-end speed, safety and efficiency of the U.S. payment system

28.04.15 By Connie Theien

On 26 January 2015, the United States’ Federal Reserve System released ‘Strategies for Improving the U.S. Payment System’, a paper highlighting a multi-faceted plan to enhance the speed, safety and efficiency of the U.S. payment system. In this article, Connie Theien, vice president of payments industry relations for the Federal Reserve System, introduces the paper’s contents. It communicates desired outcomes for the payment system and outlines the strategies and tactics the Federal Reserve will pursue, in collaboration with stakeholders, to help achieve the outcomes. The Federal Reserve began its current payment system improvement initiative in 2013 with an 18-month research program to identify key gaps and opportunities in the payment landscape and gather industry and end-user perspectives on needs and priorities. ‘Strategies for Improving the U.S. Payment System’ details the conclusions of those efforts and communicates a plan for collaborating with payment stakeholders – including large and small businesses, emerging payments firms, payment networks, payment processors and financial institutions – to enhance the speed, safety and efficiency of the U.S. payment system. The views expressed in this article are solely those of the author and should not be attributed to the European Payments Council.

Key Information in this Article The Federal Reserve System released the ‘Strategies for Improving the U.S. Payment System’ paper on 26 January 2015 highlighting a multi-faceted plan to enhance the end-to-end speed, safety and efficiency of the U.S. payment system. This article will highlight the following components of the paper:
  • Desired goals for an improved U.S. payment system, reflecting public input and the results of several studies sponsored to support this initiative.
  • Multi-year strategies the Federal Reserve will engage with stakeholders to pursue as both leader/catalyst and payment system service provider to help achieve desired outcomes.
  • Tactics to solicit broad stakeholder engagement and active participation in the implementation of these strategies.
The ‘Strategies for Improving the U.S. Payment System' paper is included in the ‘related links’ at the end of this article.

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Focus: On Integration and Innovation

How to Use Blockchain Technology to Develop Faster and Cheaper Inter-banking InfrastructuresThe blockchain protocol and the distributed ledger used by crypto currencies could provide banks with a competitive technological advantage, if adopted quickly

28.04.15 By Roberto Garcia

An article, entitled “Bitcoin: How its core technology will change the world”, published in New Scientist in 2014, outlined that “beyond creating the web’s first native currency, the true innovation of Bitcoin’s mysterious designer, Satoshi Nakamoto, is its underlying technology, the ‘blockchain’. (…) It is a ledger of transactions that keeps Bitcoin secure and allows all users to agree on exactly who owns how many bitcoins. Each new block requires a record of recent transactions along with a string of letters and numbers, known as a hash, which is based on the previous block and produced using a cryptographic algorithm.” In this article, Roberto Garcia outlines the possible applications of blockchain technology by the banking industry. This author argues: “Technology facilitates the design of digital products and services that are more efficient and cheaper thanks to the automation of processes and the removal of intermediaries. One example is the blockchain technology. It could trigger the next breakthrough in terms of efficiency. This would entail replacing current inter-banking infrastructures based on bricks and mortar models with those based on central nodes in charge of operations such as authorisation, clearing, fraud prevention, dispute resolution and execution of payments and contracts.” The views expressed in this article are solely those of the author and should not be attributed to the European Payments Council.

Key Information in this Article What is blockchain technology? Investopedia defines blockchain as follows (see ‘related links’ at the end of this article): “A blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order. Each node (computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions) gets a copy of the blockchain, which gets downloaded automatically upon joining the Bitcoin network. The blockchain has complete information about the addresses and their balances right from the genesis block to the most recently completed block.” “To use conventional banking as an analogy,” Investopedia adds, “the blockchain is like a full history of banking transactions. Bitcoin transactions are entered chronologically in a blockchain just the way bank transactions are. Blocks, meanwhile, are like individual bank statements. (…) The full copy of the blockchain has records of every Bitcoin transaction ever executed. It can thus provide insight about facts like how much value belonged to a particular address at any point in the past.” Based on Bitcoin's open source code, other crypto currencies started to emerge in 2011. Since then, not only other currencies, but also many companies, functionalities, features and services have been developed to create a full environment of crypto technology based on the distributed ledger.1 Applying the ledger technology to payments and beyond Payments are just the first area in which the distributed ledger is being used. It could, however, also be applied to support any kind of other transaction, since the essence of this protocol is to be a proof of record of agreed transactions and contracts. So, technically speaking, any banking entry (not only payments), banking contract or capital market sale/purchase could potentially be registered in public distributed ledgers, backed by all participants in the banking system.

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Legal and Regulatory Issues

“Cyber Security is the EU's Digital Frontier”: ENISA Initiatives to Secure the EU Cyber Space Firm action will be required, as a significant evolution in top threats is expected

28.04.15 By Udo Helmbrecht

Cyber security is a precondition to promoting innovation also in the area of payments. The European Union Agency for Network and Information Security (ENISA) is a centre of expertise for cyber security in Europe. ENISA supports the European Union (EU) and the Member States in enhancing and strengthening their capability and preparedness to prevent, detect and respond to network and information security problems and incidents. In this article, ENISA’s Executive Director Udo Helmbrecht outlines key ENISA initiatives to secure the EU’s cyber space. He says: “The protection of information, information systems and infrastructure from those threats associated with the use of information and communication technology (ICT) systems in a globally connected environment is inevitably linked with effective security policies, and robust and resilient cyber defence capabilities, within a common EU policy. There are different aspects to cyber security and cyber attacks. But all current security attacks tend to make use of the same technology, making it difficult to judge who is attacking what and why. Within this context, it should be examined what cyber security can offer at another level, contributing and protecting the EU citizens. Cyber security is the EU’s ‘digital frontier’”. The views expressed in this article are solely those of the author and should not be attributed to the European Payments Council.

Key Information in this Article The content of this article was previously presented by Udo Helmbrecht, Executive Director of the European Union Agency for Network and Information Security (ENISA), at a meeting of the European Parliament’s Security and Defence (SEDE) Committee that took place on 16 March 2015. The meeting offered an opportunity to exchange views on cyber security and defence. Within this context, Professor Helmbrecht provided an overview of ENISA’s active contributions at the European level. This article addresses the following topics:
  • Assessing efficiently the threat landscape and understanding the cyber dynamics as an important tool towards an active and agile security management.
  • The critical role of the European Union’s (EU’s) computer emergency response teams (CERTs) for developing ‘baseline capabilities’ and providing an EU wide network responding to cyber incidents and threats.
  • The development of pan-European cyber exercises and cooperation among Member States.
  • The protection of critical information infrastructure (CIIP) and the development of a common approach to incident reporting in Europe, bringing together national regulatory and data protection authorities.
  • The development of national cyber security strategies (NCSS) in the Member States.
  • The need for an EU legislation supporting privacy, by requiring systems developers and service providers to build in data protection measures from the design phase on (‘security by design’).
  • The need for trusted core network and information security (NIS) technologies and services (including an innovative business model for EU companies producing cyber security services and products) for the EU to become the single market of choice for governments and industry.
Udo Helmbrecht concludes: “Challenges for the future illustrate that there are different aspects to cyber security and cyber attacks. Firm action will be required, as a significant evolution in top threats is expected. To address this, cooperation among Member States, EU institutions, and other relevant bodies is a top priority. Furthermore, it is necessary to establish European prevention, detection and response capabilities and implement early warning systems.”

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SEPA for Cards

EPC and Cards Stakeholders Group Released Version 7.05 of the SEPA Cards Standardisation Volume for Public Consultation Stakeholders active in the SEPA cards domain are invited to provide feedback by 5 June 2015

28.04.15 By Claude Brun

The European Union authorities driving forward the SEPA programme identified the need to create harmonised cards standardisation requirements throughout all countries across SEPA early in the process of integrating the market for electronic euro payments. In response to these expectations retailers, vendors, processors, card schemes and the European Payments Council (EPC), representing payment service providers, jointly created the Cards Stakeholders Group (CSG) in 2009. The CSG develops and maintains the SEPA Cards Standardisation Volume (the SCS Volume). This document defines a standard set of requirements to enable an interoperable and scalable card and terminal infrastructure across SEPA, based on open international card standards. On 10 March 2015, the EPC, together with the CSG, published version 7.05 of the SCS Volume for a three-month public consultation. The SCS Volume version 7.05 has been updated to include new functional and security requirements applicable to card-not-present transactions, enhanced requirements related to the pre-authorisation of card payments and a cards processing framework. All stakeholders are invited to provide feedback by 5 June 2015. In this article, Claude Brun describes the new elements incorporated into version 7.05 as well as identifies next steps after the consultation. 

Key Information in this Article The European Payments Council (EPC) and the Cards Stakeholders Group (CSG) published version 7.05 of the SEPA Cards Standardisation Volume (the SCS Volume) on 10 March 2015 for a three-month public consultation. In January 2014, the EPC, together with the CSG, published version 7.0 of the SCS Volume, ready for market implementation. All stakeholders and interested parties are encouraged to roll out services and products in line with its requirements in a three year period, i.e. by January 2017. Version 7.05 of the SCS Volume includes the requirements published with version 7.0 but, in addition, it has been updated to incorporate the following new elements:
  • Functional and security requirements applicable to card-not-present (also referred to as ‘remote’) payments, which are initiated in the context of electronic or mobile commerce, or by mail or telephone order.
  • Enhanced requirements related to the pre-authorisation of both face-to-face and remote card payments relevant to, amongst others, service providers operating in the hospitality sector.
  • A card processing framework which defines business principles and requirements for market access and participation in card payment processing services. The main objective of this framework is to facilitate an open and transparent market.
The CSG calls on all stakeholders to provide feedback on these new elements by 5 June 2015. Based on the feedback provided, the SCS Volume version 7.1 will be published in due course. The SCS Volume will also be aligned with relevant European Union regulatory initiatives. The updated version 7.05 of the SCS Volume addresses evolving market needs in a fast-moving environment. The proposed new standardisation requirements will contribute to creating a harmonised card and terminal infrastructure across SEPA which allows both consumers and merchants to fully reap the benefits of exchanging goods and services in the digital age.

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Read us on EPC Blog

08.05.15
Fresh Perspectives and New Technologies Shaping Innovation in Payments: a Closer Look at the U.S., Australia and Europe

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