For the European Payments Council () and the Cards Stakeholders Group (CSG - a multi-stakeholder body which the is part of, together with retailers, vendors, processors and card schemes), the publication of one release of the Single Euro Payments Area () Cards Standardisation Volume (the Volume) denotes the start of work for the next full release.
The Volume is a key set of documents for the card industry, aimed at achieving a better and functionally richer card services environment, as well as cards standardisation, interoperability, and security in Europe.
To ensure it is aligned with the evolution of cards technology and regulation, the Volume is regularly updated by the and the CSG. This process of refreshing the Volume commences with gathering input from the industry, this is then followed by a public consultation. All comments are reviewed and, if deemed relevant, included in the new release. It takes effect three years following its publication in order to give those affected players within the card industry time to implement the changes.
The latest version (version 7.1, published in December 2015) included, for the first time, among other things, functional and security requirements applicable to card-not-present (also referred to as ‘remote’) payments. In addition, a Bulletin was issued late February to cover without delay certain aspects of the Interchange Fee Regulation relating to product identification.
The next full version of the Volume, 8.0, which will be referred to as 7.5 during the consultation from May to August 2016, will be fully aligned with the revised Payment Services Directive (). Among other things, it will also include certain aspects of the Interchange Fee Regulation which were not part of the former version or the recent Bulletin. For instance, the Volume will present further details on the selection of the application for contactless cards. It will also contain modifications to the security requirements for points of interaction, to allow further alignment to, amongst others, the Data Security Standards of PCI (Payment Card Industry).
Volume version 8.0 is targeted to be published in December 2016.
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