Until 12 August 2016, all stakeholders can have their say in the review of the Cards Standardisation Volume (the Volume), presently under a three-month public consultation. The Volume is an essential piece of the card industry self-regulation with the aim of achieving cards standardisation, interoperability, and security across Europe. It is published by the and maintained and developed by the Cards Stakeholders Group (CSG - a multi-stakeholder body made up of retailers, vendors, processors, card schemes and the ). The and CSG regularly organise public consultations to keep the Volume up-to-date with card technology and regulation.
In contrast to the version published in December 2015, version 7.5 of the Volume includes guidelines facilitating compliance with the Card Interchange Fee Regulation (), particularly in the fields of contactless payments and choice of application.
The Volume also presents in-depth information regarding the use of a unique ID for pre-authorisation in the hospitality sector. This ID will be convenient for card issuers and acquirers in allowing them to follow the transaction created. For example, when customers booking a hotel room are requested to pre-authorise a financial guarantee with their card they will be able to monitor the transaction history.
If you are working for a card scheme, a payment service provider, a merchants’ representative, a consumer organisations or any other card stakeholder organisation, don’t forget to send your comments on the Volume by 12 August 2016. All comments will be analysed, and an updated version will be published in December 2016 to take effect immediately for a three-year period.
Check out our infographic to learn more about the role of the Volume:
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