79 results
News

19 November 15

The 2015 EPC Scheme Rulebooks are Now Effective

The 2015 Single Euro Payments Area (SEPA) Direct Debit (SDD) and Credit Transfer (SCT) Rulebooks, which are the business rules of the EPC schemes, are now in effect. Rulebook versions 8.1 of SDD Core, 6.1 of SDD Business to Business (B2B), and 8.1 of SCT, were published in April 2015, in order...

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News

29 April 15

EPC publishes an updated version of the document ‘Guidance on Reason Codes for SEPA Direct Debit R-transactions’. This technical document is addressed to payment service providers participating in the SEPA Direct Debit Schemes.

Following publication of the first version in July 2014, the European Payments Council (EPC) released the updated version 2.0 of the document ‘Guidance on Reason Codes for SEPA Direct Debit R-transactions’ (see ‘related files’ below) on 5 May 2015. To give some background: one of the main...

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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 January 15

EPC Plenary Meeting Update

Approval of revised Charter The European Payments Council (EPC) approved its revised Charter which will be published once it takes effect in the first quarter of 2015 subject to procedures to be observed under Belgian law. The revised Charter reflects the new governance model of the EPC. As...

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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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News

27 March 15

EPC publishes amended ‘SEPA Scheme Management Internal Rules’ (SMIRs). The SEPA Credit Transfer and SEPA Direct Debit Rulebooks have been updated to include the new SMIRs. This update of the rulebooks has no operational impact whatsoever.

On 31 October 2014, the European Payments Council (EPC) launched a 90-day consultation on the draft revised Single Euro Payments Area (SEPA) Scheme Management Internal Rules. This document contains descriptions of the internal organisation, structure, rules, and processes that make up the scheme management...

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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

18 June 15

PSD2: Almost final – a state of play

The European Commission (the Commission), which has the right of initiative to propose laws, published its proposal for the revised PSD2 on 24 July 2013 (the formal title of this proposed legislative act is “Proposal for a Directive of the European Parliament and the Council [of the EU] on payment services...

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News

18 June 15

EPC Blog: PSD2: Almost final – a state of play

The European Commission (the Commission), which has the right of initiative to propose laws, published its proposal for the revised PSD2 on 24 July 2013. The draft legislation was then subject to review and adoption, respectively, by the EU co-legislators; the European Parliament and the Council of the...

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Insight

28 April 15

European Payments Council 2.0 Is Now Operational: Stakeholders Are Invited to Stay Engaged in the Evolution of the SEPA Credit Transfer and SEPA Direct Debit Schemes Going Forward

The adjusted European Payments Council (EPC) governance model is described in the revised EPC Charter published on 10 February 2015 As previously reported (see ‘related articles in previous issues’ below), with the main phase of the migration to harmonised Single Euro Payments Area (SEPA) payment...

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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 July 15

MyBank: Update on e-authorisation Solutions

The need for account-based access tools The payments industry is undergoing a period of accelerating change and innovation. Some of these changes are being mandated by regulators. Others are coming from new technological developments such as the rise of apps, mobile devices, 24/7/365 services and...

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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

28 April 15

Ripple: an Internet Protocol for Inter-bank Payments

Today’s payment infrastructures were not designed for a global economy As members of the European Payments Council (EPC) are well aware, upgrading a payment system is a complex and monumental task. This explains why even some of the largest economies (e.g. USA) continue to rely on an infrastructure...

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Insight

28 April 15

Instant Payments – a Winning Bet?

A ‘history’ of instant payments There has been much debate in the payments industry and among public authorities on the case for ‘faster’, now ‘instant’ payments. Users expect a seamless payment experience, public authorities foster efficiency, providers strive to maintain profitability while meeting...

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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

28 October 15

The Impact of the Interchange Fee Regulation: a Card Scheme’s View

The Interchange Fee Regulation (IFR) is much more than a few articles capping interchange fees for debit and credit cards. The regulators have included a series of ‘business rules’ dealing with a variety of issues. The net effect of the IFR is a redistribution of revenues and costs which will have...

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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

28 July 15

Who Does What In Payment Standards?

A Single Euro Payments Area (SEPA) Scheme is a set of rules, practices and (crucially) standards to achieve interoperability for the provision and operation of a SEPA payment instrument agreed at interbank level. It is no secret that standards play an important role in the SEPA payments schemes...

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