Document library

34 results
Insight

30 September 09

Update EPC Plenary Meetings

Confirmation of November 2009 as the launch date for the SEPA Direct Debit Schemes The Plenary resolved to mandate the EPC Scheme Management Committee to start its task of approving the required SDD adherence agreements for the two SEPA Direct Debit Schemes by 1 May 2009 so as to enable banks to...

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Insight

30 October 09

Refunds and Returns revisited

The no-questions-asked refund right under the SEPA Core Direct Debit Scheme Question: The SDD Core Rulebook requires a no-questions-asked refund to be paid to a debtor (payer) within the 8-week period following a direct debit collection. However, articles 62-63 of the PSD mandate a refund right...

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Insight

26 September 11

Direct Debit: Killing it Softly

The European direct debit debate: state of play While this exercise increasingly invokes the experience of Don Quixote1 fighting the windmills, efforts should be kept up in the hope that rhyme and reason might make a comeback in the debate on the appropriate direct debit model to be offered in the...

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Insight

30 September 09

Rock the Vote

The SEPA scheme change management process: open, transparent and inclusive 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...

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Insight

18 July 11

Change is Inevitable...

The new principles for financial market infrastructures The Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements1, together with the Technical Committee of the International Organization of Securities Commissions (IOSCO)2, has issued a consultative report...

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Insight

30 October 09

Ready or not...

Update on PSD transposition Whilst, as stated above, up to 14 Member States might miss the 1 November 2009 deadline to transpose the provisions of the PSD into national law, the majority of these countries remain ambitious to complete transposition by the end of 2009 or early 2010 the latest. Sweden...

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Insight

18 July 11

Get Ready for More

Basel III: core components and implications affecting the payment sector As reported in January 2011 (see link under 'related articles in previous issues' below), the revised framework, referred to as Basel III, contains important provisions which will affect banks that provide access to payment...

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Insight

30 September 09

Early Adopters: move ahead

EPC Open Letter addresses period from 2 November 2009 through 1 November 2010 Agreement on the one-year grace-period regarding the reachability of branches operated by multi-country banks is an important initiative to encourage early take-up of the SEPA Direct Debit Schemes to the benefit of bank...

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Insight

30 September 09

Great Expectations

What is e-invoicing and why is it important? E-invoicing is the replacement of paper invoicing with invoice transmission, processing and storage in dematerialised form using electronic means. The major push towards e-invoicing has been led by la rge buyers (both major multinationals and...

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Insight

26 September 11

The Good, the Bad, the Ugly and a Knight in Shining Armour?

The bad and the ugly? The European Parliament's Resolution on SEPA of March 2010 states that "the SEPA decision-making process is currently at the discretion of the European Payments Council (EPC), where only banks take decisions on SEPA products neglecting end-users requests"1. I would like to...

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Insight

28 October 11

EPC Plenary Meeting Update

EPC press release commenting on the European Commission's antitrust investigation into the EPC's standardisation process for payments over the internet The European Payments Council (EPC) Plenary agreed to publish a press release commenting on the European Commission's antitrust investigation into...

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Insight

11 July 11

Happy New Year?

Banks and other payment service providers are taking cover from an avalanche of regulation following the financial crisis of 2008. The European authorities have launched dozens of legislative and regulatory initiatives, many of which affect the payments and cash management space, a selection of which...

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Insight

05 November 09

Going all the Way

Harmonised use of bank-to-customer messages facilitates end-to-end processing of SEPA transactions Ultimately, the "outcome" of a payment transaction must be communicated by a bank to the customer. Such communication takes place, for example, vi a account statements informing bank customers...

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Insight

30 September 09

New Kids on the Block

Payment institutions in the context of the PSD and other financial legislation Payment Institutions (PIs) are defined by the PSD Article 4 (4) as follows: "'payment institution' means a legal person that has been granted authorisation in accordance with Article 10 to provide and execute payment...

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Insight

03 November 09

The X Factor

SEPA history part I: EU governments request the integration of euro payment markets The EPC gladly clarifies the facts yet again: it is a prevalent misunderstanding that European authorities and EU governments merely “support” the SEPA initiative. These public authorities actually invented...

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Insight

26 September 11

Why change? Why me? Why now?

Reluctance to change might result from the assessment that change is not necessary The supply side has invested considerable efforts including huge financial resources to realise the SEPA vision. The swift development and implementation of a single set of SEPA Payment Schemes by the banking industry,...

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Insight

10 November 11

Take Payments to the next Level

The ISO 20022 message standards in the SEPA context In the world of payments processing, the role of the data format used to exchange information between the parties involved in a payment transaction can be compared to the role of language in communication between people. Today, dozens of different...

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Insight

15 July 11

What is Your View?

European Payments Council launches annual public consultation on SEPA Credit Transfer and SEPA Direct Debit Rulebooks The SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes evolve over time to reflect changes in market needs and updates in standards. The annual scheme change management...

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Insight

27 October 11

ISO 20022 Message Standards: Too Many Flavours?

Concerning the differences between two-wheelers and the need for multi-lane highways A bicycle path is only meant for bicycles. That seems obvious enough - the clue is in the name. What happens however if one day someone drives along the path on a motorbike? Nobody really cares enough to try to...

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Insight

26 September 11

An Epic Voyage: the SEPA Odyssey

Regulation 2560/2001: the Trojan horse Frequently, when we refer to a journey full of perils and adventures into the unknown, we call it an odyssey. Indeed SEPA is an epic voyage that deserves to be described as an odyssey. Homer's hero Odysseus reached Ithaca some ten years after he set off from...

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Insight

11 July 11

Reaping the Benefits of Electronic Invoicing for Europe

The political context of the European Commission Communication on e-invoicing The European Commission launched in March 2010 the Europe 2020 Strategy (see link below) to exit the financial crisis and prepare the EU economy for the challenges of the next decade. Europe 2020 sets out a vision to achieve...

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Insight

18 January 11

The Single Euro Cash Area

The importance of cash To give an exact account of the importance of cash is not easy. No one keeps records of its use, and there is no way to count directly the total number or value of cash transactions. Retailers are knowledgeable on the mix of payment instruments, but no studies have been published...

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