75 results
Insight

01 November 10

Preparation for SEPA by Public Administrations in France

France's public administrations are currently working hard on the migration of national payment systems to SEPA. A large part of the significant progress achieved on the migration to date has stemmed from the existence of a steering group set up by the French government.  A special system to oversee...

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Insight

27 October 10

332 Votes for an End Date

Summary of the findings The European Payments Survey 20101 was completed by 322 people representing 42 nations during late summer of 2010. This year's survey was divided into four clear sections and the main findings were: Development of the Eurozone and European Union: 52 per cent thought...

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Insight

26 October 10

Tomorrow is another Day

Familiarity with SEPA is high, but readiness remains low This survey was sent to Chief Financial Officers (CFOs), finance managers, cash managers and treasurers of corporates and public administrations in euro countries representing 97% of transaction volume. In particular, the members of the European...

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Insight

26 October 10

Ready, willing and able?

EPC: Mr Brissaud, corporates are expected to gain the most from the introduction of the SEPA schemes and standards including improved cash flow, reduced costs and easy access to new markets. Does the corporate community share these expectations? Olivier Brissaud: It cannot be said that any business...

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Insight

26 October 10

Facing the Facts

Percentage of banks in SEPA offering SCT services In January 2008, more than 4300 banks in 31 countries took a historical first step by launching the SEPA Credit Transfer Scheme (SCT) for euro payments. The payments services providers offering SCT services today represent roughly 95 percent of SEPA...

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Insight

26 October 10

Bring the Prophet to the Mountain

Banks successfully implemented SEPA services The realisation of the Single Euro Payments Area (SEPA) as envisioned by policy-makers including EU governments, the European Commission, the ECOFIN and the Governing Council of the European Central Bank, is crucial to the completion of the internal market...

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Insight

26 October 10

Cheer up: SEPA is on Track and open for Business

Don't blame the customer: EU integration is not a grassroots movement The SEPA vision will not be realised via the existence of high-quality SEPA schemes as developed by the EPC alone. The EU monetary union did not materialise either simply by throwing euro notes and coins at people in the hopes...

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Insight

26 October 10

Financial Crisis

Five-fold return on investment I have yet to meet an informed person who does not see the need and potential of SEPA. Clearly, we need SEPA to complete euro monetary integration and to create an efficient payments market supporting the single market, which is one of the great European achievements....

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Insight

26 October 10

Less is more: one Standard for Customer-to-Bank Communication

For an introduction to the concept of the SEPA Data Formats and the related SEPA Implementation Guidelines see the information provided in box below Consultations of bank customers carried out regularly to identify their SEPA requirements have revealed the pronounced need - voiced in particular...

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Insight

26 October 10

Seeking common Ground

At this stage, Member States differ sharply in PSD interpretation Despite the fact that the PSD seeks to fully harmonise the payments market it does leave room for interpretation with respect to several specific provisions. To ensure a common understanding of said PSD provisions across all Member...

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Insight

26 October 10

New Rules on cross-border Payments

From the perspective of the European banking industry the changes proposed by the European Commission with respect to Regulation 2560/2001 require further discussion: The principle of expanding the price parity requirement to direct debits has to be questioned. Regulation 2560/2001 so far applies...

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Insight

26 October 10

SEPA for Cards: From Vision to Reality

The principle governing the SEPA Cards Standardisation Programme In 2004, the European Central Bank expressed the expectation that in SEPA cardholders should be able to use any card at any terminal to pay for goods or services or withdraw cash under the same conditions as in their home country....

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Insight

26 October 10

SEPA Schemes: EPC approves Release Schedule

The change management process The SEPA Schemes will evolve over time to reflect changes in market needs and updates in standards. The Scheme Management Internal Rules (SMIR) governing the administration and the development of the SEPA Schemes foresee the poss ibility of an annual release...

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Insight

26 October 10

Update EPC Plenary Meetings

Version 3.2 of the SEPA Core Direct Debit Scheme Rulebook At its last meeting in December 2008, the Plenary approved the SEPA Core Direct Debit Scheme (SDD) Rulebook version 3.2. The SDD Rulebook now includes the e-mandate solution as an optional service to be offered by banks that will participate...

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Insight

26 October 10

On Bananas and the Integration of Euro Payments

Is SEPA an EU banana project or not - that is the question The scenario is familiar: EU government repres entatives descend upon Brussels to intone Beethoven's Ode to Joy - hands on their eager European hearts, eyes firmly set on the dawn of the most competitive knowledge based economy globally...

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Insight

26 October 10

Missing in Action, mostly

SEPA migration of the public sector In February 2009, the EU Council of Finance Ministers (ECOFIN), presented its first Annual Report on the State of SEPA Migration and stated that "SEPA remains a necessary and economically viable project. Therefore, it is of paramount importance to maintain migration...

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Insight

26 October 10

Going global

The Benefits of the Creditor Reference The use of creditor references is common in most SEPA countries. Studies show that in excess of 95 per cent of all incoming flows have been automated based on country specific creditor references. These references allow for automatic reconciliation of receivables...

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Insight

26 October 10

SEPA only: the EPC Vision

The EPC view: set an end date for phasing out legacy euro payment instruments "Confront the difficult while it is still easy; accomplish the great task by a series of small acts" advised Lao-tzu some 2500 or so years ago and encouraged his contemporaries to let "things come and go"1. Ancient Chinese...

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Insight

26 October 10

The Preview

Rules on scheme access and scheme management must be synonymous in all three Rulebooks As described in the article "Think ahead: the SEPA Scheme Change Management Process" in this Newsletter, the SEPA Scheme Management Internal Rules annexed to all three Rulebooks prescribe a formal change management...

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Insight

25 October 10

Update EPC Plenary Meetings

Approval of updated versions of the SEPA Credit Transfer Scheme (SCT) and SEPA Direct Debit Scheme (SDD) Rulebooks The EPC Plenary approved updated and enhanced versions of the SEPA Scheme Rulebooks and adjacent Implementation Guidelines for publication on 1 November 2010. The SCT and SDD Schemes...

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Insight

20 October 10

Overcoming the Homer Simpson in us

Cash payments: a costly love affair Essentially, the problem with cash is its relative inefficiency if used for transactions above a certain amount. This inefficiency is reflected by its high social cost. The social cost of a payment service refers to the resources that all market participants consume...

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Insight

28 July 10

Promoting the SEPA Vision

The mission of the SEPA Council The EPC welcomes the establishment of the SEPA Council. The EPC hopes that this initiative will clarify that the EPC is not responsible for the over-all management of the SEPA process nor is it the task of the EPC to drive forward concerted migration to SEPA on both...

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Insight

21 July 10

On Payments and Light Bulbs

Has the Commission suddenly lost its grasp of the principles governing market integration? We first highlighted the implications of the "essential requirements" approach recently championed by the Commission services in the context of SEPA migration in the previous edition of this Newsletter (see...

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Insight

19 July 10

Continued Commitment to high Quality

The legislative proposal needs to be improved to ensure that it best meets its objectives Even though euro coins as such only account for a small fraction of cash in circulation, in order to preserve the public confidence in the euro as a payment instrument it is certainly important that they, as...

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Insight

19 July 10

SEPA Scheme Rulebooks: next Release

The evolution of the SEPA Schemes Driving forward innovation in payments the EPC encourages all players acting in the payments market to actively contribute to the evolution of the SEPA Schemes. The change management process governing the development of the SEPA Credit Transfer Scheme (SCT) and...

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Insight

19 July 10

Missed Opportunity

Achieving a common understanding on the concept of legal tender The different viewpoints regarding the concept of legal tender of the euro banknotes and coins  mainly result from pre-euro legal traditions in the various Member States. The importance of the concept of legal tender cannot be underestimated...

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Insight

19 July 10

EPC Card Fraud Prevention Forum

A changing environment for card fraud Card fraud prevention represents an opportunity to save more than 1.5 billion euro annually for the European card payment industry. This figure does not include all the direct and indirect costs resulting from managing fraud-related issues nor does it reflect...

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Insight

19 July 10

New and Improved

Extended scope of the guidelines on the use of audit trails now also cover payment processes The guidelines for the use of audit trails in security systems were first created in 20011 to provide good practice recommendations on how computer and system audit trails should be captured, stored and...

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Insight

19 July 10

SEPA in the Context of the Financial Crisis

Why SEPA needs to be kept high on the agenda Realising SEPA requires a lot of work, energy and money. Dedicating human and financial resources to SEPA has been a challenge for the financial industry right from the start. In the context of the financial crisis and the subsequent period of lower growth...

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Insight

19 July 10

PSD: taking Action

Commission acts to ensure that EU Member States fully implement PSD In June 2010, the European Commission has taken action against six EU Member States to ensure full transposition of the PSD into their respective national law. Cyprus, Greece, Spain, Poland, Romania and Sweden received reasoned...

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Insight

19 July 10

Gaining Momentum

Setting the scene for e-Invoicing Several initiatives are now underway designed to implement the six key recommendations spelled out in the Final Report of the European Commission's Expert Group on e-Invoicing (see link included below). These recommendations aim at creating a legal and operational...

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Insight

19 July 10

New Business Opportunities with Chip and PIN

Success in reducing card fraud The main objective of chip and PIN migration is reduced card fraud, and this has been successfully achieved in countries such as the UK and France where levels of domestic, face-to-face fraud have indeed dropped dramatically. Levels of "fraud abroad" involving non-chipped...

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Insight

19 July 10

Standardisation is Key

Single set of SEPA security requirements In June 2010, the EPC Plenary approved the single set of SEPA terminal security requirements agreed by the banking industry in close dialogue with other sectors represented in the Cards Stakeholders Group. These requirements are based on the PCI SSC requirements...

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Insight

19 July 10

On SEPA and US Health Care Reform

US health care reform: a case study in political leadership to inspire EU lawmakers dealing with SEPA On 23 March 2010, the day President Obama signed into law the Patient Protection and Affordable Care Act (commonly referred to as US health care reform), the Pulitzer Prize winning editorialist...

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