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Do we need a new EU network for EU payments interoperability?

Suddenly the key EU’s stakeholders (ECB/EC) are talking again about technical payments interoperability and new payments networks.  Many may ask why, for they have struggled over 10 years to fully understand EU market dynamics.  Surely, the regulators simplistically ask, we can make our 28 domestic networks more efficient and create a common infrastructure to enable any scheme and any payment… Continue reading >>

EU agrees caps on debit and credit card interchange fees

Interchange fees to process debit and credit card transactions are to be capped under an EU law that attempts to wrap-up a protracted battle with payment groups such as Visa Europe and MasterCard. Negotiators for EU member states and the European Parliament on Wednesday night agreed draft terms to introduce maximum fees to handle card transactions, scaling back a multi… Continue reading >>

USA: EMV at the ATM

Vast numbers of hours, experts and resources have been devoted to the implementation of the EMV standard for credit and debit cards in the United States. As the smoke begins to clear, however, a new EMV effort is beginning with a discussion of how to best implement EMV at the ATM. EMV agreements struck between the major card brands and… Continue reading >>

Russian banks begin testing national payment system

According to local sources, Russia’s Rossiya and SMP banks, which fell under Western sanctions, are among the eight lenders that will start testing the country’s new national payment system on December 15. “The pilot project involves SMP Bank and Rossiya Bank, those for which the story is very critical and important. These are quite large banks,” the head of the… Continue reading >>

ECB to address instant payments in euro

In its second meeting, on 1 December 2014, the Euro Retail Payments Board (ERPB), a multi-stakeholder group chaired by the European Central Bank (ECB), decided to step up work on the topics of instant payments in euro, and person-to-person mobile payments and contactless payments. Taking stock of the migration to the Single Euro Payments Area (SEPA), the ERPB also issued a… Continue reading >>

Faster Payments sets out new access model vision

The UK’s Faster Payments scheme, now in its sixth year since Faster Payments were launched as a near real time, world-class payment clearing system. The service has been a great success; annualised growth of 20% has put it tantalisingly close to 100 million payments per month – and it recently saw the 4 billionth payment processed by the service. Now the scheme has issued proposals… Continue reading >>

$300 million in bitcoin spent during Cyber weekend frenzy

A total of $296 million was spent globally across the bitcoin network on Cyber weekend, according to insight provided by Bitnet. Bitcoin registered as the 9th biggest payment network worldwide over the biggest e- commerce weekend of the year, finishing only behind the likes of Visa, MasterCard, American Express and PayPal. Black Friday proved more popular of the two days,… Continue reading >>

Swift and Fiserv win $1 billion Australian payment system overhaul

Australia’s new payment system will be delayed by a year after five institutions stepped back from funding the $1 billion project. It was announced on Tuesday that the Reserve Bank of Australia-backed real time payments network will be built by bank messaging network SWIFT and payments company Fiserv But it also emerged it will be delayed by another year to late 2017. After… Continue reading >>

Global banks investment in payment technology as top priority

It has been revealed that payment technology is set to be a key area of focus for banks across the globe in 2015 – according to the Ovum ICT Enterprise Insights* program, based on interviews with 6,500 senior IT executives. The shift in payment technology modernisation, brought on by diversification and mobile channels in particular, is a truly global phenomenon. In most instances, less… Continue reading >>

Retailers concerned about 3 party scheme interchange fee loophole

Proving that politicians should stay out of industries they do not understand and further backing up the law of unintended consequences, Europe’s politicians are currently considering final changes in the proposed Interchange Fee Regulation. One of these changes could allow three-party cards to gain a greater share of Europe’s market. This risks making the most expensive types of payment card into ‘must-take’ cards… Continue reading >>