112 results
Insight

30 September 14

The New European Commission is Expected to Take Office on 1 November 2014. A Recap of the Role of the European Commission in the Evolution of SEPA Credit Transfer and SEPA Direct Debit

In close dialogue with the stakeholder community, the European Payments Council (EPC) developed, among other things, the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes. It is important to keep in mind that the EPC carries out the scheme management function subject to legal and regulatory...

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News

30 September 14

EPC Blog: The new European Commission is expected to take office on 1 November 2014. A recap of the role of the European Commission in the evolution of SEPA Credit Transfer and SEPA Direct Debit.

In close dialogue with the stakeholder community, the European Payments Council (EPC) developed, among other things, the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes. It is important to keep in mind that the EPC carries out the scheme management function subject to legal and regulatory...

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Insight

21 October 14

Don't Count on 1 August 2014: Different SEPA Migration Deadlines Apply Across the Euro Area During the “Additional Transition Period” Agreed by the European Commission, the European Parliament and EU Governments

Number of payment service providers in the Single Euro Payments Area (SEPA) offering SEPA Credit Transfer services The European Payments Council (EPC) launched the SEPA Credit Transfer (SCT) Scheme in January 2008. As of April 2014, 4,614 payment service providers (PSPs) offer SCT services. The...

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Insight

15 April 14

PSD2: The New Article 67, (‘Refunds for Payment Transactions Initiated By or Through a Payee’), Proposed by the European Commission Risks Undermining Consumer’s Unconditional Refund Right for Direct Debits Included with the SEPA Direct Debit Core Scheme

The Payment Services Directive (PSD) as currently in effect was implemented in most European Union (EU) Member States by 1 November 2009. Article 87 of the PSD requires the European Commission (the Commission) to present a report on the implementation and impact of the PSD together with proposals for...

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Insight

20 February 14

Don't Count on 1 August 2014: Different SEPA Migration Deadlines Apply Across the Euro Area During the “Additional Transition Period” Agreed by the European Commission, the European Parliament and EU Governments

The European Commission commented on 20 December 2011 on the agreement by the European Parliament and the Council of the European Union (EU) on the 1 February 2014 deadline for migration to the Single Euro Payments Area (SEPA) in the euro area: “The reasonable transition periods applied will allow customers...

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News

24 February 14

EPC Blog: Don’t count on 1 August 2014 – different SEPA migration deadlines apply across the euro area during the “additional transition period” agreed by the European Commission, the European Parliament and EU governments.

The European Commission commented on 20 December 2011 on the agreement by the European Parliament and the Council of the European Union (EU) on the 1 February 2014 deadline for migration to the Single Euro Payments Area (SEPA) in the euro area: “The reasonable transition periods applied will allow customers...

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News

21 January 14

European Commission proposes "to give an extra transition period of six months during which payments which differ from the SEPA format can still be accepted. This "does not change the formal deadline for migration of 1 February 2014".

(Note: the European Payments Council (EPC) is not a European Union (EU) legislative body. More generally, the EPC is not part of the EU institutional framework.) The vast majority of European laws are adopted jointly by the European Parliament and the Council of the EU under the so-called...

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News

21 January 14

EPC Blog: Fact check - the rationale for SEPA as defined by the EU governments, the European Parliament, the European Commission and the European Central Bank. (Note: the European Payments Council is not part of the EU institutional framework.)

To appreciate the views of the European and national public authorities on the Single Euro Payments Area (SEPA) it must be recalled that SEPA is a European Union (EU) payment integration initiative pursued by the EU governments and the EU institutions, i.e. the European Commission, the European Parliament,...

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Insight

31 October 14

The European Court of Justice Has Ruled that Interchange Fees Are Permitted if They Provide Benefits to Merchants. What are the Implications of the MasterCard Judgment for Interchange Fees in Europe?

Multilateral interchange fees (MIFs) and their benefits for cardholders and merchants MIFs are the fees paid by an acquirer, i.e., the bank or payment service provider of a merchant, to the issuer, i.e., the bank or payment service provider of the cardholder, for each transaction, to compensate...

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News

25 March 14

EPC Blog: PSD2 – EPC identifies considerable scope for amendments of the proposed new set of rules related to the activity of third party payment service providers offering payment initiation or payment account information services.

In a previous blog, entitled ‘On the Difference between Innovation and the Wild West: How to Ensure the Security of Bank Customers’ Funds and Data with Payment Account Access Services’, the European Payments Council (EPC) observed: Convenience is a priority. Security is indispensable. Promoting payment...

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News

12 June 14

EPC Blog: PSD2 – EPC calls on EU lawmakers to maintain the firewall protecting consumers making internet payments. This means: no sharing of any personalised security credentials with third parties.

On 24 July 2013 the European Commission (the Commission) published its proposal for a revised Payment Services Directive (PSD2). This draft legislative act remains subject to review and adoption, respectively, by the European Union (EU) co-legislators. These are the European Parliament and the Council...

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News

05 November 14

EPC Blog: Next steps to create the digital single market – e-invoicing continues to grow spurred on by public policy and the accelerating dynamics of e-business. A guest blog by Charles Bryant.

Progress on electronic invoicing (e-invoicing) remains a principal European Union (EU) policy goal. Jean-Claude Juncker, President of the new European Commission, identified creating a connected digital single market as one of his ten priorities. The European Commission’s ‘Digital Agenda for Europe’,...

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News

01 October 14

EPC Poll: In your view, which regulatory initiatives will have the greatest impact on the European payments market going forward? This poll, launched in July 2014, was open until 30 September 2014. See the results.

On 1 July 2014 the European Payments Council (EPC) introduced a poll launched to capture the views of payments audiences on which of the initiatives listed below will have the greatest impact on the European payments market going forward. This poll was open until 30 September 2014. Here are the results: European...

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News

17 September 14

EPC Poll: In your view, which regulatory initiatives will have the greatest impact on the European payments market going forward? This poll, launched in July 2014, is open until 30 September 2014. Vote!

On 1 July 2014 the European Payments Council (EPC) introduced a poll launched to capture the views of payments audiences on which of the following initiatives will have the greatest impact on the European payments market going forward:   European Commission proposal for a revised...

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Insight

05 February 14

PSD2: European Parliament Economic and Monetary Affairs Committee (ECON) Draft Report Introduces Improvements and Reveals the Need for Further Clarifications, Says Payments Regulatory Expert Group

  Recap: the European Union legislative process The European Commission (the Commission), has the right of initiative to propose laws for adoption by the European Parliament and the Council of the European Union (EU) representing EU Member States (national ministers)1. The vast majority of...

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News

27 August 14

EPC Blog: Learn more about work items related to SEPA Credit Transfer and SEPA Direct Debit to be addressed by the new Euro Retail Payments Board (ERPB) chaired by the European Central Bank.

The European Payments Council (EPC) has frequently pointed out that Single Euro Payments Area (SEPA) compliance requirements that must be met by payment service users and providers are determined by the European Union (EU) institutions. These are the European Commission, the European Parliament, the...

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News

08 December 14

Update on work items addressed by the Euro Retail Payments Board (ERPB) chaired by the European Central Bank: SEPA Credit Transfer, SEPA Direct Debit, instant and mobile payments.

The European Payments Council (EPC), (which is not part of the European Union (EU) institutional framework), has frequently pointed out that the Single Euro Payments Area (SEPA) is an EU integration initiative pursued by the EU institutions. These are the European Commission, the European Parliament,...

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Insight

29 August 14

SEPA 2014: EPC Calls on European Parliament and EU Governments Represented in the Council of the European Union to Provide Clarity on SEPA Compliance Requirements As Soon As Possible

It is the task of European Union authorities driving the Single Euro Payments Area initiative to ensure planning security for all market participants The European Payments Council (EPC) has frequently pointed out that the Single Euro Payments Area (SEPA) is a European Union (EU) integration initiative...

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Insight

30 January 14

Card Interchange Fees Regulation: What is the Right Question?

In the context of interchange fees for cards: what is the exact market failure and is it sizeable? Some may find it difficult to trust the judgment of academics when it comes to business models, including the notion of interchange fees, yet we can certainly heed their advice with respect to core...

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Insight

29 August 14

SEPA Facts and Figures (January 2014): “If the Current Pace of Migration Continues, the Vast Majority of Stakeholders Will Complete Their Migration by 1 February 2014,” Says European Central Bank

Number of payment service providers in the Single Euro Payments Area (SEPA) offering SEPA Credit Transfer services The European Payments Council (EPC) launched the SEPA Credit Transfer (SCT) Scheme in January 2008. As of January 2014, 4,580 payment service providers (PSPs) offer SCT services. The...

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Insight

29 August 14

SEPA 2.0: Reflections on Realising the Potential of SEPA Going Forward

The extensive research previously carried out by or at the request of the EU institutions confirms that “integration promotes competitiveness, efficiency and growth” In a previous EPC Newsletter article, entitled ‘On Innovation: What the European Union (EU) Could Learn from Apple and Facebook’ (see...

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Insight

06 November 14

Next Step to Create the Digital Single Market: EU Lawmakers Adopt the New Regulation on Electronic Identification and Trust Services for Electronic Transactions in the Internal Market

A digital agenda aimed at removing barriers to an integrated e-commerce market in Europe The European Union (EU) authorities have consistently articulated the expectation that the legal and technical Single Euro Payments Area (SEPA) harmonisation exercise will contribute to streamlining business...

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Insight

25 March 14

PSD2: EPC Identifies Considerable Scope for Amendments of the Proposed New Set of Rules Related to the Activity of Third Party Payment Service Providers Offering Payment Initiation or Payment Account Information Services

In a previous blog, entitled ‘On the Difference between Innovation and the Wild West: How to Ensure the Security of Bank Customers’ Funds and Data with Payment Account Access Services’, the EPC observed: Convenience is a priority. Security is indispensable. Promoting payment innovation to the benefit...

Read more
Insight

12 June 14

PSD2: EPC Calls on EU Lawmakers to Maintain the Firewall Protecting Consumers Making Internet Payments. This Means: No Sharing of Any Personalised Security Credentials with Third Parties

On 24 July 2013 the European Commission (the Commission) published its proposal for a revised Payment Services Directive (PSD2). This draft legislative act remains subject to review and adoption, respectively, by the European Union (EU) co-legislators. These are the European Parliament and the Council...

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Insight

02 November 09

SEPA Roadmap: how to make SEPA a Success

How to ensure that SEPA is delivered on time While the EPC has been successful in designing the necessary Rulebooks for SEPA Credit Transfers (SCT) and SEPA Direct Debits (SDD), migration to the new SCT is very slow. In July 2009, one and a half years after the launch of SCT, only 4.4% of all credit...

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Insight

30 October 09

Towards a SEPA migration end date?

A large majority of respondents in favour of setting end-date(s) to stimulate SEPA migration The results of the public consultation showed that a large majority of respondents support the idea of setting some end-dates to stimulate migration to SEPA credit transfers and direct debits. The SEPA project...

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Insight

29 July 14

PSD2: EPC Calls on EU Lawmakers to Maintain the Firewall Protecting Consumers Making Internet Payments. This Means: No Sharing of Any Personalised Security Credentials with Third Parties

The European Union legislative process leading to the adoption of PSD2: state of play The Payment Services Directive (PSD) as currently in effect was adopted by the European Parliament and the Council of the European Union (EU) representing EU governments1 in 2007. According to the European Commission,...

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Insight

29 July 14

EPC Plenary Meeting Update

EPC appoints Javier Santamaría for a second term as Chair and elects Narinda You as Vice Chair At its meeting on 18 June 2014, the Plenary of the European Payments Council (EPC) appointed Javier Santamaría for a second term as Chair. The Plenary elected Narinda You as Vice Chair. Ms You succeeds...

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Insight

06 November 14

Learn More About Work Items Related to SEPA Credit Transfer and SEPA Direct Debit Addressed by the New Euro Retail Payments Board (ERPB) Chaired by the European Central Bank

Recap: who does what with regard to SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD)? With the introduction of the euro currency in 1999, the European Union (EU) governments and EU institutions driving the SEPA process expected the banking industry to contribute the resources required to develop...

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News

21 March 14

SEPA migration: ‘Regulation (EU) No 248/2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits’ was published in the Official Journal of the European Union on 20 March 2014.

In February 2012, the European co-legislators, i.e. the European Parliament and the Council of the European Union (EU) representing EU Member States, adopted the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro’. This legislative...

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