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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 >>

ECB identifies 4 key payment systems as systematically important

The European Central Bank (ECB) has flexed its muscles in the payment systems oversight area for the first time through the exercise of new powers by identifying 4 payment systems that it feels are systematically important, which places them under stricter oversight standards than other payment systems, with sanctions and corrective measures for system operators in case of non-adherence. The four systems… Continue reading >>

EPC launches new SEPA scheme management bodies

The European Payments Council (EPC) is to set up a host of new bodies to manage the Single euro payments area (SEPA) scheme and are calling for independent candidates to join the process. After a 15 year slog, the migration deadline for SEPA credit transfers and direct debits in the euro area finally arrived in August. Now, the EPC is beginning… Continue reading >>

New UK regulator will supervise Visa and MasterCard

The UK government is planning to put supervision of MasterCard and Visa alongside the UK’s main interbank payment systems under the remit of the new Payment Systems Regulator (PSR), which has been tasked with promoting competition within the payments industry. Major payment networks such as Visa and MasterCard, interbank systems such as Bacs, CHAPS, Faster Payments, Link and the cheque… Continue reading >>

Cross Border Acquiring interchange concessions – new risks for acquiring?

The recent card scheme cross border acquiring (CBA) concessions have created a new model for cross-border acquiring. By default they have become the European Commission’s ‘Plan A’ as a result of the delayed cards regulation sign-off. Merchants have once again outmanoeuvred banks and have won major benefits from the interchange caps and the significant changes in the terms of the… Continue reading >>