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), regularly maintain and develop the Cards Standardisation Volume (the Volume). It 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.
The Interchange Fee Regulation () requires that as from 9 June 2016 all cards be electronically identifiable enabling payers and payees to unequivocally identify which brands and categories of prepaid cards, debit cards, credit cards or commercial cards are chosen by the payer (Article 10 (5) ).
To ensure that the market can get ready to meet this requirement as soon as possible, the CSG has requested EMVCo to provide a dedicated data element. The and the CSG release today a Bulletin, which defines the guidelines for using this new data element to facilitate compliance with the in a harmonised way.
Bulletins can be used to release urgent guidelines, without waiting for the publication of a full Volume version (the next full Volume publication is targeted at the end of 2016). It is the first time that a Bulletin is published.
Given the investments and time needed by the card schemes to implement this guideline related to the electronic identification of all card types, the actual compliance with this requirement would appear to demand more time than the due date foreseen in the . A short term solution based on Bank Identification Number tables made available to merchants should however allow meeting the regulatory deadline.
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