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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 >>

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 >>

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 >>

EPC updates the SEPA Credit Transfer and SEPA Direct Debit rulebooks

The European Payments Council (EPC), representing the European banking industry in relation to payments, has published updated versions of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. The SCT Rulebook version 8.0, SDD Core Rulebook version 8.0 and SDD Business to Business (B2B) Rulebook version 6.0 and associated implementation guidelines will take effect on 22 November 2015. In… Continue reading >>

The state of SEPA

How is SEPA faring now that migration deadlines have passed, and could banks be doing more? Finally, after a 15-year wait, and a delayed 1 August migration deadline, the Single Euro Payments Area (SEPA) has achieved full implementation of SEPA-compliant credit transfers and direct debits in the euro area- reports Victoria Conroy. The milestone means that over 500 million consumers and 20… Continue reading >>

One Single Market needs one set of rules for card fees

This week, Europe’s politicians begin trialogue talks to decide final rules on how much payment cards will cost merchants and consumers in card fees. The end goal is more competition and innovation in our payments market. The commerce sector fears that unless MEPs make crucial changes to the Council’s text, we will fail to achieve these aims. EuroCommerce Director-General, Christian… Continue reading >>

Payment Systems Regulator sets out plans to regulate £75trn industry

The Payment Systems Regulator (PSR) has set out how it proposes to regulate the £75trn payment systems industry when it becomes fully operational in April. Payment systems enable consumers to spend and transfer money. The Treasury is currently consulting on which systems will fall under the PSR’s remit, but has proposed the following: Bacs, CHAPS, Faster Payments, LINK, Cheque and… Continue reading >>

Multilateral Interchange Fee (MIF) regulations impacting German banks

TSYS has released its white paper titled “How Issuers in Germany Can Replace Threatened Interchange Fees.” The paper explores the financial threat to German issuers of proposed changes to the Multilateral Interchange Fee (MIF) regulations in the European Union, and outlines initiatives to support additional revenue growth. The report looks at the current payment card market in Germany and compares… Continue reading >>

Visa and MasterCard bow to Canadian pressure on interchange

Visa and MasterCard have bowed to pressure from Canadian regulators by agreeing to set a 1.5% cap on interchange rates in Canada for the next five years, a reduction of around 10%. The agreement comes after a four-year battle between the schemes and the Canadian Competition Bureau. By agreeing to the cap, which will come into effect by April 2015,… Continue reading >>