European Payments Council invites stakeholders to jointly develop minimum requirements for ‘BIC from IBAN Derivation’ solutions for cross-border Single Euro Payments Area transactions
The ‘International Bank Account Number (IBAN) only’ rule introduced on the basis of Article 5 (7) of the European Union (EU) ‘Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro’ adopted by the EU legislator in February 2012 prohibits payment service providers () to require that payment service users () provide the Business Identifier Code (BIC). Article 5 (7) states: “After 1 February 2014 for national payment transactions and after 1 February 2016 for cross-border payment transactions, shall not require to indicate the BIC of the of a payer or of the of a payee.” however, will have to continue to indicate the BIC of the account to be debited or credited when processing a Single Euro Payments Area () payment transaction in the interbank space. An internal survey carried out by the European Payments Council () at the end of 2012 indicated that no mature solution seemed to be in place which allows deriving the BIC from the IBAN with regard to cross-border transactions. need as close as possible to 100 percent reliability when determining the of the receiver in order to ensure timely and proper execution of the payment instruction.
The intends to host a workshop on 24 September 2013 in Brussels to initiate a dialogue on the minimum requirements for cross-border ‘BIC from IBAN derivation’ solutions. The event will be open to any interested party. The confirmation of the workshop will be subject to sufficient interest being expressed by both the demand and the supply sides in to jointly work on the minimum requirements for any reliable cross-border ‘BIC from IBAN derivation’ solutions. Organisations interested to contribute to the minimum requirements for cross-border ‘BIC from IBAN derivation’ solutions are invited to confirm their participation in the workshop proposed to be hosted on 24 September 2013 by e-mailing IBANfirstname.lastname@example.org by 9 August 2013. For logistical reasons, the number of participants will be restricted to one representative per organisation. Subject to confirmation of the workshop, the will communicate details of the venue and other organisational details in due course. Any party interested in participating in the workshop is invited to share suggestions for specific aspects to be discussed at the workshop by emailing IBANemail@example.com.
For more information, refer to the article, entitled: ‘Let’s Get Together: Invites Stakeholders to Jointly Develop Minimum Requirements for ‘BIC from IBAN Derivation Solutions’ for Cross-Border Transactions’ in this edition of the Newsletter (see ‘related articles in this issue’ below).
publishes new mobile wallet payments white paper and invites comments by 30 September 2013
The approved a new white paper on mobile wallet payments. This document outlines, among other things, how trust in, and availability of, a wide range of easy to use services offered with mobile wallets may be regarded as a facilitator for mobile payments (m-payments). The document, which was published on 2 July 2013, describes a number of use cases of mobile wallets for financial services as an introduction to the subject. It analyses the mobile wallet ecosystem and describes various mobile wallet models which may be identified in the market today. It also contains a high level overview of some technical and life cycle management aspects and provides a list of the main industry and standardisation bodies involved. The document addresses the usage of a mobile wallet for the access and initiation of both mobile contactless and mobile remote payments. In order to ensure broad stakeholder involvement in the ’s descriptive work on the usage of mobile wallets for payments, the mobile wallet payments white paper is available for stakeholder review for a three-month period. To download the white paper and the related feedback questionnaire, refer to the ‘related links’ below. Respondents are invited to email the completed feedback questionnaire to firstname.lastname@example.org by 30 September 2013. An updated version of the mobile wallet payments white paper will be issued based on the feedback received. For more information, refer to the article, entitled: ‘ Invites Comments on New Mobile Wallet Payments White Paper. White paper offered for stakeholder review until end September 2013’ in this edition of the Newsletter (see ‘related articles in this issue’ below).
Version 2.0 of the ‘Clarification Paper: Credit Transfer and Direct Debit´
In January 2013, the published a clarification paper, which addresses operational aspects related to the Credit Transfer () and Direct Debit (SDD) Schemes. The paper seeks to ensure consistent implementation of the and SDD Rulebooks by participating in the schemes. It covers the following aspects: character set, pre-notification, sequence types for SDD collections, R-transactions and currency conversion. The paper provides guidance and, where feasible, recommendations to scheme participants on how to handle situations that are not described in the rulebooks. In June 2013, the approved version 2.0 of the clarification paper (see ‘related links’ below) including a few updates compared to the first version published in January 2013.
invites suggestions for changes proposed to be incorporated into the next version of the and SDD Rulebooks by 28 February 2014
The payment schemes, as set out in the and SDD Rulebooks, evolve based on a transparent change management process adhered to by the . This evolution reflects changes in market needs and updates of technical standards developed by international standards bodies, such as the International Organization for Standardization (ISO). Based on the established scheme change management cycle, the would normally publish the next version of the rulebooks, i.e. the Rulebook version 8.0, the Rulebook version 8.0 and the Rulebook version 6.0, in November 2013 to take effect in November 2014. This would however force stakeholders to update systems and operations twice in one year considering that the rulebook versions published in November 2012 will take effect on 1 February 2014. To avoid duplication of costs and efforts within one year and to provide planning security to all stakeholders based on stable rulebook versions in the period following migration to and SDD in the euro area, the , therefore, decided in December 2012 to postpone publication of the next generation rulebooks and associated to November 2014. These rulebook versions will then take effect in November 2015.
The scheme change management process provides all stakeholders with the opportunity to participate; i.e. to introduce suggestions for changes to the schemes. Any proposed changes to the schemes are subject to a three-month public consultation. Proposed changes to the schemes that find broad acceptance in the entire stakeholder community are taken forward. Change requests that lack such broad support are not – regardless whether such a change is proposed by a or a user representative. At its June 2013 meeting, the confirmed that all interested parties are invited to submit suggestions for changes proposed to be incorporated into the next version of the and SDD Rulebooks by 28 February 2014. To send suggestions for changes to the rulebooks to the , please use the template provided with the ‘related links’ below.
In June 2013, the also resolved to change the deadline to submit suggestions for changes to the rulebooks with regard to the 2015/2016 scheme change management cycle. The deadline to submit suggestions for modifications of the rulebooks to be published in November 2015 is 31 December 2014. The rulebooks and associated are to be published in November 2015 and will take effect in November 2016.
Javier Santamaría is the Chair of the .
Related articles in this issue:
Let’s Get Together: EPC Invites Stakeholders to Jointly Develop Minimum Requirements for ‘BIC from IBAN Derivation Solutions’ for Cross-Border SEPA Transactions. European law mandates transition to the ‘IBAN only’ SEPA environment by February 2016
Related articles in previous issues:
SCT and SDD: the Next Generation Rulebooks Will be Published in November 2014 to Take Effect in November 2015 ( Newsletter, January 2013)
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