Challenges for European retail payments after SEPA migration
|
|
- Bryce Booth
- 5 years ago
- Views:
Transcription
1 Challenges for European retail payments after SEPA migration Rui Pimentel Head of Unit 14 May 2014 Seminar Seminar name The views expressed in this presentation are solely those of the author and do not necessarily reflect those of Banco de Portugal
2 Agenda Innovation in retail payments Focus on security issues Competition vs cooperation in a market with new players Approach by regulators & authorities 2 14 May 2014 Challenges for European retail payments after SEPA migration
3 Innovation in retail payments After the conclusion of the SEPA migration process for credit transfers and direct debits (by 1 Aug 2014), new challenges are foreseen to gain focus Harmonisation in the cards domain Innovative payment solutions Security issues 3 14 May 2014 Challenges for European retail payments after SEPA migration
4 Innovation in retail payments The Eurosystem s view on a SEPA for Cards is reflected in the report CARD PAYMENTS IN EUROPE A RENEWED FOCUS ON SEPA FOR CARDS, published on 29 Apr May 2014 Challenges for European retail payments after SEPA migration
5 Innovation in retail payments The report refers to multiple aspects of market integration in this field Growth potential of card payments Unbundling scheme management and transaction processing Certification, Standards & Business Rules Efforts towards market integration: the Eurosystem s view of a SEPA for Cards 5 14 May 2014 Challenges for European retail payments after SEPA migration
6 Innovation in retail payments The payments market is fertile ground for Lots of hype about mobile solutions: Remote, proximity & wallet-based payments Multiple players part of this ecosystem 6 14 May 2014 Challenges for European retail payments after SEPA migration
7 Innovation in retail payments Participation of non-traditional players in retail payment solutions to add complexity to business models Telcos Handset manufacturers Trusted Services Manager Apart from banks/psps 7 14 May 2014 Challenges for European retail payments after SEPA migration
8 Innovation in retail payments Other developments in the field of mobile shape new trends in retail payments experience mpos mcommerce Multi-channel approach 8 14 May 2014 Challenges for European retail payments after SEPA migration
9 Focus on security issues On the other hand... New fraud types are identified Mitigation measures & initiatives are needed Common approach by authorities Activities of the European Forum on the Security of Retail Payments (SecuRe Pay Forum) 9 14 May 2014 Challenges for European retail payments after SEPA migration
10 Focus on security issues SecuRe Pay Forum Scope of intervention The Forum s work focuses on the whole processing chain of electronic retail payment services (excluding cheques and cash), irrespective of the payment channel. The Forum aims to address areas where major weaknesses and vulnerabilities are detected and, where appropriate, makes recommendations. The ultimate aim is to foster the establishment of a harmonised EU/EEA-wide minimum level of security. ( ) Given the current experience of regulators, legislators, PSPs and the general public that payments made over the internet are subject to higher rates of fraud than traditional payment methods, the Forum decided to develop recommendations for the security of internet payments. In RECOMMENDATIONS FOR THE SECURITY OF INTERNET PAYMENTS Final version (Jan.2013) May 2014 Challenges for European retail payments after SEPA migration
11 Focus on security issues SecuRe Pay Forum Published documents 1. Recommendations for the security of internet payments (Jan 2013 final) 2. Draft recommendations for Access to Payment Account Services (public cons Jan-Apr 2013) 3. Draft recommendations for Mobile Payments (public cons Nov 2013-Jan 2014) May 2014 Challenges for European retail payments after SEPA migration
12 Competition vs cooperation in a market with new players The activities of third parties in the retail payments domain need to be addressed New providers in the market a clear trend Potential vulnerabilities Third Party Providers (TPPs) offering services Revision of the Payment Services Directive May 2014 Challenges for European retail payments after SEPA migration
13 Approach taken by regulators & authorities The current context poses challenges to regulatory bodies and other authorities Applicable legal framework Licensing & supervision New solutions often entail more complex payment ecosystems & business models Authorities to foster dialogue with market participants to assess developments, both at National and European levels Advantages of co-operation between European authorities May 2014 Challenges for European retail payments after SEPA migration
14 Approach taken by regulators & authorities Outlook In a context of growing innovation, consumer protection also takes a prominent role underpinning confidence in the solutions provided Dialogue and co-operation between authorities and with market players plays a central role, as these issues gain added complexity Security of solutions provided is of paramount importance Compliance with Recommendations Competitionin the market needs to be ensured May 2014 Challenges for European retail payments after SEPA migration
15 Approach taken by regulators & authorities Retail payments governance On 19 Dec 2013, the European Central Bank set up the Euro Retail Payments Board (ERPB) as new governance body The objective of the ERPB is «to contribute to and to facilitate the further development of an integrated, innovative and competitive market for euro retail payments in the EU» Its first meeting will take place on 16 May 2014 Representatives of the supply side, the demand side and National Central Banks to take part in the ERPB European Commission to participate as observer May 2014 Challenges for European retail payments after SEPA migration
16 Challenges for European retail payments after SEPA migration THANK YOU! Rui Pimentel Head of the Payment Systems Analysis and Development Unit Payment Systems Department Banco de Portugal May 2014 Challenges for European retail payments after SEPA migration
the security of retail payments
The European Forum on the security of retail payments Pierre Petit Payment Forum Helsinki, 10 May 2012 Outline I. Origin and mandate II. Recommendations for the security of internet payments III. Future
More informationExecutive summary. The regulatory framework of payment systems has also evolved.
Executive summary 3 Executive summary In 2016 payments made significant progress both in Portugal and in Europe. The Portuguese banking community successfully migrated to the new Eurosystem platform for
More informationRetail Payments in Europe: SEPA as efficiency driver
Francisco Tur Hartmann Market Integration Division Retail Payments in Europe: SEPA as efficiency driver Finance IT Forum Sofia, 25 April 2013 Retail Rubric Banking and Retail Payments matter Social costs
More informationPSD2 and other European legal developments
PSD2 and other European legal developments 9th Conference on Payments and Securities Settlement Systems, Ohrid, 5-8 June 2016 Michiel van Doeveren and Rui Pimentel Overview EU legal framework covering
More informationThe Changing EU Regulatory Framework for Retail Payments
The Changing EU Regulatory Framework for Retail Payments 10 th Jubilee Conference on Payments and Market Infrastructures Ohrid, 5-7 July 2017 Ralf Jacob European Commission FISMA D.3 Retail Financial Services
More information2 Harmonised statistics on payment services in the Single Euro Payments Area
2 Harmonised statistics on payment services in the Single Euro Payments Area The annual payments statistics compiled by the European System of Central Banks (ESCB) have recently been significantly enhanced.
More informationRecent Payment System Developments in Bangladesh
Recent Payment System Developments in Bangladesh Bangladesh Bank Friday, May 09, 2014 Payment Systems of Bangladesh Major Components Bangladesh Automated Clearing House (BACH) National Payment Switch Bangladesh
More informationInnovation in Payment Services: The Role of EU Policies
Innovation in Payment Services: The Role of EU Policies The Hague, 18 January 2018 Ralf Jacob European Commission FISMA D.3 Retail Financial Services and Payments Objectives of this presentation Present
More informationESBG response to the Eurosystem s Consultation on the draft Oversight Framework for Card Payment Schemes Requirements
ESBG response to the Eurosystem s Consultation on the draft Oversight Framework for Card Payment Schemes Requirements 1. August 2007 WSBI ESBG The Global Voice of Savings and Retail Banking WSBI (World
More informationRetail payments accessibility The European experience
Francisco Tur Hartmann, Payments & Market Infrastructure European Central Bank Retail payments accessibility The European experience Agent Banking: Expanding Access to Financial, Payment, and Remittance
More informationThe Eurosystem oversight policy framework
The Eurosystem oversight policy framework Klaus Löber Head of Oversight Division Frankfurt, 30 September 2009 1 Content Rationale for Oversight Organisation Scope of Oversight Large-value payments systems
More informationBird & Bird on the most important consequences of PSD2
Bird & Bird on the most important consequences of PSD2 Scott McInnes - Partner, Bird & Bird (Brussels) scott.mcinnes@twobirds.com Tel: +32.2.282.60.59 30862317 Timeline 25 November 2015 PSD2 adopted 13
More informationPAYMENT SYSTEM DEPARTMENT PAYMENT SYSTEM OVERSIGHT
PAYMENT SYSTEM DEPARTMENT PAYMENT SYSTEM OVERSIGHT 2015 and the first half of 2016 Payment System Oversight Contents: Introduction... 2 1 Objectives and scope of payment system supervision/oversight...
More informationRevision of the Payment Services Directive (PSD2) Krzysztof Zurek and Silvia Kersemakers DG FISMA, European Commission PSMEG meeting 3 December 2015
Revision of the Payment Services Directive (PSD2) Krzysztof Zurek and Silvia Kersemakers DG FISMA, European Commission PSMEG meeting 3 December 2015 PSD2 adopted on 16 November: What will change? Better
More informationSummary of the kick-off meeting of the Open Forum on Pan-European Instant Payments
Summary of the kick-off meeting of the Open Forum on Pan-European Instant Payments 30 th March 2015 Welcome and introduction of key note speaker In his capacity as chairman of the Euro Banking Association
More informationPSD2 Access to account (XS2A) Game changing accelerator in financial services
PSD2 Access to account (XS2A) Game changing accelerator in financial services Douwe Lycklama - 22 March 2016 Tomorrow s transactions today Introduction Innopay: innovation experts since 2002 >25 consultants
More informationInstant Payments Adapting to a worldwide trend. Matthias Schmudde, Deutsche Bundesbank
Instant Payments Adapting to a worldwide trend Possible use cases Advantages of instant payments Payments are immediately available for the beneficiary at all times Payments are processed 24/7/365 Full
More informationSingle Euro Payments Area (SEPA): Frequently Asked Questions (See IP/08/98)
MEMO/08/51 Brussels, 28 January 2008 Single Euro Payments Area (SEPA): Frequently Asked Questions (See IP/08/98) What is the Single Euro Payments Area (SEPA)? The Single Euro Payments Area (SEPA) is the
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 23.11.2017 COM(2017) 683 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the application of Regulation EU n 260/2012 establishing technical
More informationAnnex 1 2. A SCHEME SHOULD BE COMPLIANT WITH THE TRANSPOSITION INTO NATIONAL LAW OF THE PSD PROVISIONS ABOUT SURCHARGING.
Annex 1 SCHEME PRACTICES 1. THE SCHEME S RULES SHOULD NOT PREVENT THAT MERCHANTS AND CARDHOLDERS ARE OFFERED THE SAME SERVICE FROM THE SCHEME, WHEREVER THE SCHEME OPERATES IN THE EURO AREA THAT VARIOUS
More informationNew Regulations in Payments Services
New Regulations in Payments Services Bucharest, 7 November 2013 Mirela Iovu Vicepresident CEC Bank Member of Legal Support Group of European Payments Council 1 New Regulations / Projects Regulation (UE)
More informationOPINION OF THE EUROPEAN CENTRAL BANK
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 5 February 2014 on a proposal for a regulation of the European Parliament and of the Council on interchange fees for card-based payment transactions
More informationLatvia's National SEPA Plan *
LATVIA'S NATIONAL SEPA WORKING GROUP Latvia's National SEPA Plan * VERSION 3.0 * Reviewed and approved by the National SEPA Working Group (NSWG) on 22 November 2011 and Money and Payment Systems Working
More informationGeneral notes: Portugal
General notes: Portugal Source for Table 1: Eurostat. Source for all other tables: Banco de Portugal, unless otherwise indicated. Table 2: Settlement media used by non-mfis Currency in circulation outside
More informationEUROPEAN COMMISSION Directorate General Internal Market and Services
EUROPEAN COMMISSION Directorate General Internal Market and Services FINANCIAL INSTITUTIONS 14.10.2013 PSMEG/002/13 INFORMATION PAPER PROPOSALS FOR A NEW PAYMENT SERVICES DIRECTIVE ('PSD2') AND A REGULATION
More informationANSWERS TO THE EUROPEAN CENTRAL BANK/ EUROSYSTEM TERMS OF REFERENCE FOR THE SEPA COMPLIANCE OF CARD SCHEMES
ANSWERS TO THE EUROPEAN CENTRAL BANK/ EUROSYSTEM TERMS OF REFERENCE FOR THE SEPA COMPLIANCE OF CARD SCHEMES 1. The scheme s rules should not prevent that merchants and cardholders1 are offered the same
More informationAgeas Strategy in Portugal
Ageas Strategy in Portugal A G E A S I N V E S T O R D AY 6 TH O F J U N E 2 0 17 I LISBON PORTUGAL Evolution of Ageas presence in Portugal Ocidental : A success story since 2005 Agenda Ageas Seguros :
More informationOPINION OF THE EUROPEAN CENTRAL BANK
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 5 February 2014 on a proposal for a directive of the European Parliament and of the Council on payment services in the internal market and amending
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationWE WERE WAITING FOR YOU.
WE WERE WAITING FOR YOU. DELIGHTED TO MEET YOU. Bankia is a nationwide bank based on multi-channel management with high market shares. It is a solvent, efficient and profitable bank. At Bankia we want
More informationon national provisional lists of the most representative services linked to a payment account and subject to a fee
EBA/GL/2015/01 11.05.2015 EBA Guidelines on national provisional lists of the most representative services linked to a payment account and subject to a fee 1 Compliance and reporting obligations Status
More informationEU Commission consultation on Access to Basic Payment Account Swedbank Group response
EU Commission consultation on Access to Basic Payment Account Swedbank Group response 2010-11-15 Swedbank Group Kirstine Nilsson SEPA Coordinator Swedbank Group e-mail: kirstine.nilsson@swedbank.se mobile:
More informationGeographic & Thematic Programming of EU aid
Geographic & Thematic Programming of EU aid EU Budget 2014-2020 CONCORD presentation at Policy Forum for Development 18th June 2013 Alexandra Makaroff Chair of the Funding for Development & Relief (FDR)
More informationWhat does the future hold for retail payments harmonisation in Europe Francisco Tur Hartmann
What does the future hold for retail payments harmonisation in Europe Francisco Tur Hartmann Market Integration Division European Central Bank Bucharest, 1 October 2009 Outline Current retail payments
More informationCOMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS
EUROPEAN COMMISSION Brussels, 13.10.2011 COM(2011) 638 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE
More informationLaunch of the SEPA Instant Credit Transfer scheme PRESS KIT - NOVEMBER 2017
Launch of the SEPA Instant Credit Transfer scheme PRESS KIT - NOVEMBER 2017 INTRODUCTION November 2017 sees the launch of a pioneering initiative in the world of payments. The SEPA Instant Credit Transfer
More informationEurosystem oversight report 2014
Eurosystem oversight report 2014 30 February 2015 6E E 3,5E 6E E E 80 100% 53% E 6E 7,5E European Central Bank, 2015 Postal address 60640 Frankfurt am Main Germany Telephone +49 69 1344 0 Website www.ecb.europa.eu
More information5 th ANNUAL SKBI CONFERENCE 2015ON "DIGITAL BANKING, FINANCIAL INCLUSION AND IMPACT INVESTING" P2P in China
5 th ANNUAL SKBI CONFERENCE 2015ON "DIGITAL BANKING, FINANCIAL INCLUSION AND IMPACT INVESTING" P2P in China Dr. Rui, Oliver Meng(CFA, FRM) Professor of Finance and Accounting Director Ph.D. Program Co-director
More informationPayments terminology and acronyms
Payments terminology COMMON ACRONYMS AML anti-money laundering anti-money laundering (aml) is a term mainly used in the legal and financial industries to describe a set of procedures, regulations, or legal
More informationAre instant retail payments becoming the new normal?
Are instant retail payments becoming the new normal? A comparative study AMI-Pay, 6 February 2018 Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB).
More informationBREAKDOWN OF THE USE OF NON-CASH PAYMENT INSTRUMENTS assessment (2015 data)
5 BREAKDOWN OF THE USE OF NON-CASH PAYMENT INSTRUMENTS assessment (5 data) Banque de France 3, rue Croix-des-Petits-Champs 75 PARIS Managing editor: Denis Beau, Director General Financial Stability and
More informationPayment Services Directive: frequently asked questions
European Commission - Fact Sheet Payment Services Directive: frequently asked questions Brussels, 12 January 2018 GENERAL QUESTIONS 1. What is the Payment Services Directive? The first Payment Services
More informationRegulatory Impact Assessment (RIA) on Microinsurance Nepal. -- Stakeholders Dialogue -- Findings, Conclusions and Strategic Recommendations
Regulatory Impact Assessment (RIA) on Microinsurance Nepal -- Stakeholders Dialogue -- Findings, Conclusions and Strategic Recommendations 6 September 2017 / Kathmandu, Nepal Dante Portula / Raquel Capio
More informationWorking Party on Financial Statistics
Unclassified COM/STD/DAF(2016)22 COM/STD/DAF(2016)22 Unclassified Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 08-Nov-2016 English
More informationPayments Services: Regulatory Timeline. February 2017
Payments Services: Regulatory Timeline February 2017 The next couple of years will see a range of legislative and regulatory developments affecting those in the payment services industry. As well as initiatives
More informationTelekom Austria Group Results for the 2nd Quarter August 24, 2004
Telekom Austria Group Results for the 2nd Quarter 2004 August 24, 2004 1 Cautionary Statement This presentation contains certain forward-looking statements. Actual results may differ materially from those
More informationHIGHLANDS RANCH METROPOLITAN DISTRICT SPECIAL BOARD MEETING FIRE AND EMERGENCY WORKSHOP ADDENDA
HIGHLANDS RANCH METROPOLITAN DISTRICT SPECIAL BOARD MEETING FIRE AND EMERGENCY WORKSHOP ADDENDA September 11, 2017 Addendum documents can also be viewed at http://highlandsranch.org or http://intranet.highlandsranch.org/default.aspx
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationBEYOND THE EUPHORIA: Growing shareholder value despite challenging macros
BEYOND THE EUPHORIA: Growing shareholder value despite challenging macros Alan Pullinger, CEO: FirstRand UBS conference, Cape Town 18 October 2018 Group strategic framework FirstRand aims to create long-term
More informationEURO RETAIL PAYMENTS BOARD Statement following the third meeting of the Euro Retail Payments Board held on 29 June 2015
29 June 2015 011 EURO RETAIL PAYMENTS BOARD Statement following the third meeting of the Euro Retail Payments Board held on 29 June 2015 Follow-up on the recommendations made by the Euro Retail Payments
More informationPSD2 (Payment Services Directive) & RTS (Regulatory Technical Standards)
PSD2 (Payment Services Directive) & RTS (Regulatory Technical Standards) Begoña Blanco Sánchez Head of Payments -Product management Daily Banking ING Belgium Creobis 16/5/2017 Agenda PSD2 Objectives RTS
More informationBANK OF GUYANA. BANKING SYSTEM STATISTICAL ABSTRACT Website:
BANK OF GUYANA BANKING SYSTEM STATISTICAL ABSTRACT Website: www.bankofguyana.org.gy RESEARCH DEPARTMENT November 2010 STATISTICAL ABSTRACT TABLES CONTENTS 1. MONETARY AUTHORITY 1.1 Bank of Guyana: Assets
More informationGovernment Payment Guidelines - International Advisory Group for Government Payments
/FMP/FIIWG/010 Session 3 Government Payment Guidelines - International Advisory Group for Government Payments Submitted by: World Bank APEC Financial Inclusion Working Group Meeting Bangkok, Thailand 21-22
More informationCommon stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
More informationA Guide to Personal Current Account Fees and Interest
A Guide to Personal Current Account Fees and Interest Current Account 19529.indd 1 7/6/07 11:33:02 This brochure tells you about: Section Page 1. Services you don t pay for 2 2. ufirst monthly membership
More informationInvestment and Insurance Services Division 19 October 2004
Investor Half Day Investment and Insurance Services Division 19 October 2004 Disclaimer The material that follows is a presentation of general background information about the Bank s activities current
More informationAGENT BANKING KNOWLEDGE EXCHANGE- CENTRAL BANK OF KENYA
AGENT BANKING KNOWLEDGE EXCHANGE- CENTRAL BANK OF KENYA 1 AGENDA The Policy Challenge. The Knowledge Exchange. Key Policy Insights. Resulting Outcomes. Lessons and Challenges. 2 THE POLICY CHALLENGE(1)
More informationBANK OF GUYANA. BANKING SYSTEM STATISTICAL ABSTRACT Website:
BANK OF GUYANA BANKING SYSTEM STATISTICAL ABSTRACT Website: www.bankofguyana.org.gy RESEARCH DEPARTMENT March 2010 STATISTICAL ABSTRACT TABLES CONTENTS 1. MONETARY AUTHORITY 1.1 Bank of Guyana: Assets
More informationPortuguese Banking System: latest developments. 1 st quarter 2018
Portuguese Banking System: latest developments 1 st quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 27 th June of 218. Macroeconomic indicators and banking system data are quarterly
More informationTARGET2 a single Europe for individual payments
a single Europe for individual payments Department Payments and Settlement Systems Martin Barraud gettyimages/george Doyle Page 2 TARGET2 single technical platform for processing urgent euro payments TARGET2
More informationHungary Mastering the Challenges by Krisztina Horváth CFO/CRO Hungary
Hungary Mastering the Challenges by Krisztina Horváth CFO/CRO Hungary Capital Markets Day, September 2008 Slide 1 Challenging Macro Environment in Hungary 1 1 Real GDP Development 4. 3. 4. 3.9% 1.3% Currency
More informationThe new EU-regulations effects on the card market. Michael Anderberg & Martin Zillén
The new EU-regulations effects on the card market Michael Anderberg & Martin Zillén 2015-11-26 Group Cards Agenda 1) Intro & background 2) The regulations making the change: IFR, PSD2, Securepay, PAD,
More informationA leading player in the European ITC* Distribution Industry * Information Technology, Telecommunication, Consumer Electronics
A leading player in the European ITC* Distribution Industry * Information Technology, Telecommunication, Consumer Electronics 1 Disclaimer This management presentation in both oral and written form (together
More informationEconomic and housing outlook for New South Wales. Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017
Economic and housing outlook for New South Wales Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017 Risks to residential building moving from global to local World
More informationECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 22 May on limitations to cash payments (CON/2017/18)
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 22 May 2017 on limitations to cash payments (CON/2017/18) Introduction and legal basis On 23 March 2017, the European Central Bank (ECB) received a
More informationSolution to Problem 31 Adjusting entries. Solution to Problem 32 Closing entries.
Solution to Problem 31 Adjusting entries. 1. Utilities expense 27,000 Accounts payable 27,000 2. Rent revenue 4,000 Unearned revenue 4,000 3. Supplies 2,000 Supplies expense 2,000 4. Interest receivable
More informationStrategic update. Jyri Luomakoski President and CEO, Uponor Corporation 11 December 2013
Strategic update Jyri Luomakoski President and CEO, Uponor Corporation 11 December 2013 Presentation outline Markets Strategy Long-term financial targets In summary Appendices 2 Markets Building and construction
More information2017 ESCB statistics work programme
2017 ESCB statistics work programme 1 Introduction In accordance with Article 5 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank, 1 the statistical
More informationIndustry Update and RBC Development ---China
Industry Update and RBC Development ---China Sharon Huang, FSA, FCAA Consulting Actuary Milliman Ltd. IAA Fund Seminar 14 October 2013 Singapore 1 2 Industry Update Key Challenges Product Savings-oriented
More information4 Pa y m e n t s e r v i ce s a n d p a y m e n t s ys t e m s. 4.1 Payment services. Annual Report 2014
Chart 27 Counterfeit euro banknotes recovered in in Slovakia and in the euro area as a whole (%) 9 8 7 6 5 4 3 2 Chart 28 Counterfeit euro coins recovered in in Slovakia and in the euro area as a whole
More informationPRESS RELEASE NOVEMBER 2009
PRESS RELEASE 13 January 21 EURO AREA SECURITIES ISSUES STATISTICS: NOVEMBER 29 The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 11.% in
More informationResults for the First Half and Second Quarter Vienna, 12 August 2013
Results for the First Half and Second Quarter 2013 Vienna, 12 August 2013 1 Cautionary Statement This document contains forward-looking statements. These forward-looking statements are usually accompanied
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES. Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 13.10.2008 COM(2008) 640 final 2008/0194 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on cross-border payments
More informationA Guide to Personal Current Account Fees and Interest
A Guide to Personal Current Account Fees and Interest Current Account This brochure tells you about: Section Page 1. Services you don t pay for 2 2. ufirst monthly membership 2 3. Interest we pay you 3
More informationJC/GL/2017/ September Final Guidelines
JC/GL/2017/16 22 September 2017 Final Guidelines Joint Guidelines under Article 25 of Regulation (EU) 2015/847 on the measures payment service providers should take to detect missing or incomplete information
More informationACCT-112 Final Exam Practice Solutions
ACCT-112 Final Exam Practice Solutions Question 1 Jan 1 Cash 200,000 H. Happee, Capital 200,000 Jan 2 Prepaid Insurance 10,000 Cash 10,000 Jan 15 Equipment 15,000 Cash 5,000 Notes Payable 10,000 Jan 30
More informationSEPA - Frequently Asked Questions
SEPA - Frequently Asked Questions Contents SEPA Overview Questions...2 What is SEPA?...2 What is the aim of SEPA?...3 Where did SEPA come from?...3 What countries are included in SEPA?...3 What currencies
More informationEU Policy Priorities for Retail Payments
EU Policy Priorities for Retail Payments Conference on 'A new era in payments?' Lisbon, 14 May 2018 Ralf Jacob European Commission FISMA D.3 Retail Financial Services and Payments EU regulations on payments
More informationRecent developments in the Mexican Peso market. March 2009
Recent developments in the Mexican Peso market March 2009 1 Index 1. The FX market before the financial turmoil 2. What we got right what we missed 3. Structural change in the FX market 4. Final remarks
More informationInternational Payments Made Easy! Richard Ransom Payments Product Marketing Manager EMEA
International Payments Made Easy! Richard Ransom Payments Product Marketing Manager EMEA Agenda Bacs payments are easy Typical international payments today - the problem with international payments Three
More informationFuture of market infrastructure integration where next?
Marc Bayle de Jessé Director General Market Infrastructure & Payments Future of market infrastructure integration where next? AFME Post-Trade Conference London, 4 May 2016 Table of contents 1 Vision for
More informationSession 1: Overview of Current and Future Payment Ecosystems
Session 1: Overview of Current and Future Payment Ecosystems Perspective from PSDG, World Bank W3C Workshop Harish Natarajan Senior Payment Systems Specialist The World Bank 1 Public Policy Objectives
More informationReview of Membership Developments
RIPE Network Coordination Centre Review of Membership Developments 7 October 2009/ GM / Lisbon http://www.ripe.net 1 Applications development RIPE Network Coordination Centre 140 120 100 80 60 2007 2008
More informationOVERSIGHT EXPECTATIONS FOR LINKS BETWEEN RETAIL PAYMENT SYSTEMS
OVERSIGHT EXPECTATIONS FOR LINKS BETWEEN RETAIL PAYMENT SYSTEMS Introduction Oversight of payment systems, which aims to ensure the smooth functioning of payment systems and to contribute to financial
More informationGerman Investment Seminar 2011 Commerzbank AG New York January 10-11, 2011
German Investment Seminar 2011 Commerzbank AG Mark Langer Chief Financial Officer Dennis Weber Head of Investor Relations New York January 10-11, 2011 German Investment Seminar, Commerzbank HUGO BOSS January
More informationKey Principles Leading the Zumtobel Group as a Global Player in Professional Lighting
Key Principles Leading the Zumtobel Group as a Global Player in Professional Lighting Introduction of the new CEO of Zumtobel Group, Ulrich Schumacher November 2013 1 AGENDA Personal introduction Positioning
More informationDevelopment and Implementation of Basel II
Development and Implementation of Basel II Bank Analysts and Investors Event Richard Gresser. Gilbert Menard January 25. 2008 AGENDA Framework goals & development process Implementation scope and timing
More informationPaySys SEPA Newsletter November 2013
Topics of this issue: 1. SecuRe Pay: Be SuRe to hear more of it 2. Card Payments in the Netherlands: No innovation anymore? 3. Scope of the proposed IF-Regulation: Which scheme is in and which is out?
More informationTHE SINGLE EURO PAYMENTS AREA (SEPA) THE PAN EUROPEAN MARKET FOR THE EUROPEAN INTEGRATION
Year VII, No.8/2008 57 THE SINGLE EURO PAYMENTS AREA (SEPA) THE PAN EUROPEAN MARKET FOR THE EUROPEAN INTEGRATION Prof. Marius HERBEI, PhD Florin DUMITER, PhD Student West University, Timisoara 1. The formal
More informationVisa response EBA public consultation on the draft RTS on Strong Customer Authentication
Visa response EBA public consultation on the draft RTS on Strong Customer Authentication Background The revised Payment Services Directive (PSD2) mandates to perform Strong Customer Authentication (SCA)
More informationThe Greek. Hans-Werner Sinn
CESifo, a Munich-based, globe-spanning economic research and policy advice institution Forum june 215 Special Issue - Update The Greek Tragedy Hans-Werner Sinn This document contains updated graphs and
More informationSEPA CREDIT TRANSFER RULEBOOK 2018 CHANGE REQUEST PUBLIC CONSULTATION DOCUMENT COVER PAGE
EPC005-18 Version 1.0 13 March 2018 SEPA CREDIT TRANSFER RULEBOOK 2018 CHANGE REQUEST PUBLIC CONSULTATION DOCUMENT COVER PAGE The Single Euro Payments Area (SEPA) payment schemes, as set out in the SEPA
More informationRisk Has Trended Down... So Should I Be Nervous?
Risk Has Trended Down... So Should I Be Nervous? Presentation to QWAFAFEW Melissa R. Brown, CFA Senior Director of Applied Research, Axioma January 8, 2013 Agenda Risk fell dramatically throughout 2012,
More informationGeneral Framework of Payments and Securities Settlement Systems
General Framework of Payments and Securities Settlement Systems Michiel van Doeveren Macedonian Financial Sector Conference on Payments and Securities Settlement Systems Ohrid, 4 June 2012 The bull of
More informationElectrocomponents 2017 half-year financial results. 18 November 2016
Electrocomponents 2017 half-year financial results 18 November 2016 Agenda Overview of results Lindsley Ruth Financial results and performance update David Egan Performance Improvement Plan Lindsley Ruth
More informationPro-cyclicality and interconnectedness in the financial sector the European perspective
ECB-PUBLIC Sabine Lautenschläger Vice-Chair of the Supervisory Board Member of the Executive Board Pro-cyclicality and interconnectedness in the financial sector the European perspective Joint BoE-HKMA-IMF
More informationThe Eurosystem s asset purchase programme
Katja Hettler Lia Cruz Monika Znidar Euro Area Bond Markets Section DG-Market Operations The Eurosystem s asset purchase programme ECB Central Banking Seminar Frankfurt, 13 July 2018 Rubric The Eurosystem
More informationPosition Paper. of the German Insurance Association (GDV) An Overview of the Proxy Advisory Industry Considerations on Possible Policy Options
Position Paper of the German Insurance Association (GDV) An Overview of the Proxy Advisory Industry Considerations on Possible Policy Options Gesamtverband der Deutschen Versicherungswirtschaft e. V. Wilhelmstraße
More informationBusiness Unit Overview
Agenda 2009 Performance Unique Opportunities for Growth Business Unit Overview Why is our credit performance better than the competition s? What s happening to spending? How will we grow? Question and
More informationJC/GL/2017/16 16/01/2018. Final Guidelines
JC/GL/2017/16 16/01/2018 Final Guidelines Joint Guidelines under Article 25 of Regulation (EU) 2015/847 on the measures payment service providers should take to detect missing or incomplete information
More information