Retail payments accessibility The European experience
|
|
- Melvyn Moody
- 6 years ago
- Views:
Transcription
1 Francisco Tur Hartmann, Payments & Market Infrastructure European Central Bank Retail payments accessibility The European experience Agent Banking: Expanding Access to Financial, Payment, and Remittance Services Impact Evaluation Brasilia, 13 March 2014
2 Rubric Overview Agent banking and SEPA SEPA state of play EU legal framework for retail payments 4 Retail Payments Governance in Europe 5 Conclusions 2
3 Rubric Agent banking and SEPA SEPA state of play EU legal framework for retail payments Retail Payments Governance in Europe 5 Conclusions 3
4 Rubric 1. Agent banking and SEPA Definition of agent banking Agent banking is the business of delivering payment and remittance services through agent-based models It involves cooperation between banks and non-bank agents, where the former provide services through the latter (e.g. retailers, post offices, pharmacies) It aims to overcome obstacles (e.g. poor infrastructure, limited competition, insufficient coverage) impairing the delivery of efficient and affordable services through traditional bank channels 4
5 Rubric 1. Agent banking and SEPA The Single Euro Payments Area SEPA comprises 34 countries: EU-28 + Iceland, Liechtenstein, Monaco, Norway, San Marino, Switzerland 522 million inhabitants (euro area 332 million), together making 86 billion payments (euro area: 60 billion) Around 9,300 institutions offer payment services All EU payments in euro are directly subject to SEPA provisions 5
6 Rubric 1. Agent banking and SEPA What benefits are expected of SEPA? Consumers, companies, merchants Can reach any account holder in SEPA easily & efficiently Have legal certainty on terms and conditions of payments Companies operating cross-border Can centralise their payment and liquidity management Banks, clearing & settlement infrastructures Can offer their services SEPA-wide Can reduce costs due to straight-through-processing Banks and non-bank service providers Can develop innovative services based on agreed standards, e.g. internet & mobile payments, e-invoicing 6
7 Rubric 1. Agent banking and SEPA What do agent banking and SEPA have in common? Shared objectives safe, efficient, accessible, affordable retail payments Common enabling factors safe and efficient clearing and settlement infrastructures interoperability adequate legal and regulatory framework balance between private and public sector initiative many players on the supply side of the market (banks and non-banks) need for involvement of stakeholders from both the supply and the demand side in the debate Agent banking and SEPA both contribute to financial inclusion, also leveraging technological advances 7
8 Rubric Agent banking and SEPA SEPA state of play EU legal framework for retail payments Retail Payments Governance in Europe 5 Conclusions 8
9 Rubric 2. SEPA state of play Building blocks Agreed set of instruments Standardised infrastructure Harmonised business rules Legislation 9
10 Rubric 2. SEPA state of play SEPA Payment Instruments SEPA credit transfer SCT Provides customers with a single means of transferring funds, regardless of whether it s within a single country or cross-border SEPA direct debit SDD Makes it possible, for the first time, to charge directly an account in one European country for services provided by a company based in another EU regulation 260/12 sets the 1 Feb 2014 as the end date for euro area countries to migrate their credit transfers and direct debits to SEPA (2016 for non euro countries) SEPA for cards Will enable consumers to use the same cards they use in their own country for purchases everywhere in Europe more conveniently. For merchants, accepting cards will become easier and more attractive E-payments, m-payments and innovative payment solutions in general are expected to build on the existing SEPA instruments 10
11 Rubric 2. SEPA state of play SEPA Payment Instruments International Bank Account Number (IBAN) Business Identifier Code (BIC, to be phased out) ISO20022 XML EMV chip on all payment cards Functional and security standards for cards and terminals 11
12 Rubric 2. SEPA state of play Infrastructures in the euro area (excluding card and cheque clearing systems) PMJ ESTA IPCC&IRECC CEC STEP2 Equens RPS STEP.AT EURO SIPS CORE (STET) SEPA IKP SICOI (SIBS) SNCE (Iberpay) ICBPI BI-COMP Dias SIA BI-COMP JCC 12
13 Rubric 2. SEPA state of play How is SEPA affecting infrastructures? SEPA is pushing for changes in the organisation of clearing and settlement of retail payments in Europe Infrastructures represent an enabling factor for the realisation of SEPA Two main models: EACHA and STEP2 Increasing integration is expected, but it may take time: market-driven process heterogeneous starting points in different countries number of retail payment infrastructures expected to decrease as some reach the end of their investment cycle, provided that owners/participants might find equivalent/better solutions in the market migration to SEPA instruments The Eurosystem as a catalyst in retail payment infrastructures development promotes integration and interoperability 13
14 Rubric 2. SEPA state of play Two main models have developed on the market: 1. interoperability framework for SEPA-compliant payments processing by EACHA (European Automated Clearing House Association, 25 members) technical framework to facilitate the interoperability of infrastructures, particularly as regards message formats, message flows, routing provisions, network and connectivity provisions and the mechanism for the settlement of inter-ach transactions 2. clearing and settlement of SEPA payments in STEP2 retail payment infrastructures connected to STEP2 as technical facilitators to allow their participants to send and receive payments from STEP2 they need a direct participant (bank or central bank) in STEP2 to act as a settlement agent Both models should be able to deliver an efficient and competitive underlying infrastructure for retail payments 14
15 Rubric 2. SEPA state of play Eurosystem reference criteria for SEPA compliance of retail payment infrastructures Guidance to the market since 2008 (last update in 2013) 1. Processing of payments (according to Regulation (EC) No. 260/2012; compliance with EPC SEPA schemes, implementation guidelines); 2. Interoperability among infrastructures (establishing links for the exchange of SEPA payments); 3. Reachability (ability to send and receive payments to and from all SEPA scheme participants in the euro area); 4. Choice for SEPA scheme participants (transparency of services and pricing) 15
16 Rubric Agent banking and SEPA SEPA state of play EU legal framework for retail payments Retail Payments Governance in Europe 5 Conclusions 16
17 Rubric 3. EU legal framework for retail payments Legal provisions in place Regulation 2560/2001 on cross-border payments in euro (replacing Regulation 924/2009) Eliminates the differences in charges for cross-border and national payments in euro Applies to payments in euro, in all EU Member States Principle: charges for payment transactions in euro have to be the same whether the payment is a national or cross-border payment Payment Services Directive 2007/64 (under review) Harmonised terms and conditions Harmonised transparency and information requirements New category of service providers: payment institutions Regulation 260/2012 establishing EU-wide requirements for credit transfers and direct debits in euro Sets end dates for migrating credit transfers and direct debits in euro Amendment proposal for euro area countries: transition phase ending on 1 August
18 Rubric 3. EU legal framework for retail payments Legal provisions in the pipeline Payment Services Directive 2 (PSD2) Acknowledgement of Payment Account Access Services Incorporating one leg transactions Covering all currencies Regulation on Interchange Fees for Cards 0.2 % for debit cards, 0.3 % for credit cards Abolishment of scheme rules that are preventing cross-border issuing and acquiring Directive on Payment Accounts transparency and comparability of payment account fees, payment account switching and access to a basic payment account 18
19 Rubric Agent banking and SEPA SEPA state of play EU legal framework for retail payments Retail Payments Governance in Europe 5 Conclusions 19
20 Rubric 4. Retail Payments Governance in Europe Possible governance approaches: Regulatory approach? Self-regulatory approach? Or a mix of both approaches? 20
21 Rubric 4. Retail Payments Governance in Europe To understand where we go, we need to see where we come from: Roots of the SEPA project: Regulation 2560/2001 (same charges for national and cross-border payments and cash withdrawals) strong call to the banking industry White Paper of the three European Banking Associations declaring their commitment to work for a single euro payments area set-up of the European Payments Council (EPC). From a situation where banks were pursuing their objectives in isolation to a situation of interbank cooperation in certain areas: an environment of self-regulatory governance with the EPC as the driver of the SEPA project for several years but 21
22 Rubric 4. Retail Payments Governance in Europe To understand where we go, we need to see where we come from: retail payments are vital for participating in the economic and social life: beyond the EPC (representing the supply side of the market), the demand side of the market should be actively involved. How: the SEPA Council Set-up in March Aim: an integrated euro retail payments market through the involvement of all parties and through consensus on the steps to be taken. Co-chaired by ECB and European Commission. Novelty element: its composition, i.e. payment service providers together with retailers, corporates, consumers, SMEs and public administrations & 4 Eurosystem NCBs on a rotating basis. 22
23 Rubric 4. Retail Payments Governance in Europe To understand where we go, we need to see where we come from: EPC produced the SCT and SDD rulebooks. Yet, at the moment of migration the self-regulatory approach reached its limits: demand and supply side could not migrate quickly enough on their own SEPA migration end-date regulation with the work of the market as basis. The SEPA Council s mandate required ECB and European Commission to evaluate the efficiency and functioning of the SEPA Council by the end of 2012 & concerns of stakeholders on the current set-up of SEPA governance 23
24 Rubric 4. Retail Payments Governance in Europe the Euro Retail Payments Board was created in December 2013 to replace the SEPA Council. Why? - Feb 2014: key milestone. But work is not over! - Migration: a solid base for further development and integration of retail payments in euro start of a new phase in the European retail payments integration process. - The need to address retail payment issues in their broadest sense at European level by means of a European dialogue between banks, other payment service providers and end-users of payment services goes beyond 1 February 2014! 24
25 Rubric 4. Retail Payments Governance in Europe Euro Retail Payments Board - Objective: contribute to the creation of an integrated, competitive, innovative and level-playing field market for euro retail payments in the EU. Wider mandate and clearer tasks in comparison to SEPA Council. - Composition: high-level representatives of the demand and supply side of the European market for retail payment services in euro. Extended membership in comparison to SEPA Council in order to capture a wider scope of end-users and new types of payment service providers. - Role of ECB and European Commission: ECB as chair European Commission as observer. 25
26 Rubric 4. Retail Payments Governance in Europe Euro Retail Payments Board - Powers: ERPB to act on its own initiative, but no formal powers to impose binding measures. Close involvement of the ECB (chair) and the European Commission (observer) to ensure that directions taken by the ERPB are not in conflict with the common European interest. - Work delivery: the ERPB will be an output-driven body. For the execution of its mandate, the ERPB may establish working groups for a limited period of time for dealing with specific work priorities. This feature introduces a substantial difference with respect to the SEPA Council. 26
27 Rubric 4. Retail Payments Governance in Europe Our guiding principles therefore remain: - A European dialogue approach between banks, other payment service providers and end-users of payment services; - An optimal mix between regulation and self-regulation. 27
28 Rubric Agent banking and SEPA SEPA state of play EU legal framework for retail payments Retail Payments Governance in Europe 5 Conclusions 28
29 Rubric 5. Conclusions What difference has SEPA made so far for European citizens? Same fees for cross-border as for national payments 1 business day as maximum execution time for electronic payments across Europe A harmonised EU legal framework for retail payments SEPA credit transfer can be used since early 2008, SEPA direct debit since late Increased security of payment cards: migration from magnetic stripe to chip cards + Start of a social dialogue - between users and providers - on retail payments in euro to directly include the customers perspective 29
30 Rubric 5. Conclusions SEPA for non-sepa countries The CPSS is carrying out analyses in the field of retail payments - also focusing on the role of non-banks - taking also into account the European experience Payments are becoming less local and more global and the ECB aims to ensure efficient and sound clearing and payment systems within the EU and with other countries SEPA TODAY GLOBAL BLUEPRINT FOR NON SEPA 30
What 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 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 informationAccess to basic accounts and payment services in the EU
[ECB-Unrestricted] Monika Hempel Market Infrastructure Expert European Central Bank* Access to basic accounts and payment services in the EU *Disclaimer The views expressed in this presentation are those
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 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 informationMaking SEPA a Reality
www.europeanpaymentscouncil.org Pres EPC080/06 Making SEPA a Reality Charles Bryant EPC Secretary General Financial Services Consumer Group, 5 December 2006, Brussels What is SEPA? The EPC s Roadmap 2004
More informationBanks Preparing. A Guide to the. SEPA Migration
Banks Preparing for SEPA Migration A Guide to the SEPA Migration End-Date Regulation About the Euro Banking Association The Euro Banking Association (EBA) plays a major role in the financial industry as
More informationSELF-ASSESSMENT OF THE SEPA-COMPLIANCE OF THE ICBPI/BI-COMP CSM
1 September 2008 SELF-ASSESSMENT OF THE SEPA-COMPLIANCE OF THE ICBPI/BI-COMP CSM With a view to the implementation of the Single Euro Payments Area (SEPA), infrastructures should fulfil the four compliance
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 informationInformation for MEDIA
A Brief Introduction To Payments Information for MEDIA 1 ICELAND FINLAND SWEDEN NORWAY ESTONIA DENMARK LATVIA IRELAND LITHUANIA UNITED KINGDOM NETHERLANDS GERMANY POLAND BELGIUM LUXEMBOURG CZECH REPUBLIC
More informationRealisation of the Single Euro Payments Area in Finland
17.2.2010 Realisation of the Single Euro Payments Area in Finland SEPA Implementation and Migration Plan in Finland Version 4 Realisation of the Single Euro Payments Area in Finland SEPA Implementation
More informationTake the lead! NOW. Information for the PUBLIC SECTOR
Take the lead! NOW Information for the PUBLIC SECTOR SEPA TAKE PAYMENTS TO THE NEXT LEVEL TABLE OF CONTENT 1. EXECUTIVE SUMMARY 4 2. ABOUT SEPA 5 2.1 The vision 5 2.2 The goals 6 3. ABOUT EPC 7 3.1 SEPA
More informationWorking Paper on SEPA Migration End-Date Swedbank Group response
Working Paper on SEPA Migration End-Date Swedbank Group response 2010-06-24 Swedbank Group Kirstine Nilsson SEPA Coordinator Swedbank Group e-mail: kirstine.nilsson@swedbank.se mobile: +46 703 746 734
More informationSELF-ASSESSMENT OF THE SEPA-COMPLIANCE OF THE SIA-SSB/BI-COMP CSM
1 September 2008 SELF-ASSESSMENT OF THE SEPA-COMPLIANCE OF THE SIA-SSB/BI-COMP CSM With a view to the implementation of the Single Euro Payments Area (SEPA), infrastructures should fulfil the four compliance
More informationEACHA Interoperability Framework
EACHA Interoperability Framework EACHA Framework version : 6.0 EACHA Framework approval date : 9 May 2012 EPC Rulebook SCT 6.0 Aligned to EPC Rulebook version : EPC Rulebook SDD Core 6.0 Document status
More informationAre you ready for SEPA?
Are you ready for SEPA? New York Cash Exchange: 30 th May 2013 Paul Greenhalgh Single Euro Payments Area (SEPA) The Single Euro Payments Area (SEPA) is designed to: Create a single platform for electronic
More informationfor CONSUMERS Information on the SINGLE EURO PAYMENTS AREA
Version 5.0 - February 2014 for CONSUMERS Information on the SINGLE EURO PAYMENTS AREA All you need to know about SEPA EPC Shortcut Series* Shortcut to SEPA Shortcut to the SEPA Direct Debit Schemes Shortcut
More informationSEPA: Impact on structure of payments markets
Banking & Technology Snapshot Digital economy and structural change May 9, 13 Author Heike Mai +9 9 91-31 heike.mai@db.com Editor Bernhard Speyer Deutsche Bank AG DB Research Frankfurt am Main Germany
More informationThe Single Euro Payments Area
The Single Euro Payments Area Alan Koenigsberg Destination Destination 1 What is SEPA? The Single Euro Payment Area (SEPA) will be the area where citizens, companies and other economic actors will be able
More informationTHE FRENCH MIGRATION PLAN
NATIONAL SEPA COMMITTEE THE FRENCH MIGRATION PLAN The French language text prevails Version 1, approved by the National SEPA Committee on October 27, 2006 1 National SEPA Committee French migration plan
More informationSEPA in need of more competition
SEPA in need of more competition Opinion of PaySys Consultancy GmbH on the SEPA Migration End-date Hearing of the European Commission scheduled for November 17, 2010 Frankfurt, 15 November 2010 PaySys
More informationThe Single Euro Payments Area : SEPA
THE SINGLE THE SINGLE EURO PAYMENTS EURO PAYMENTS AREA : SEPA AREA : SEPA The Single Euro Payments Area : SEPA H. Maillard J. Vermeulen Introduction In the course of the entire process of economic integration
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 informationVersion September Creating smart SEPA Solutions. A convenient and secure way to make payments. SEPA Direct Debit for Consumers
Creating smart SEPA Solutions Version 1.0 - September 2010 A convenient and secure way to make payments SEPA Direct Debit for Consumers 1 All you need to know about SEPA EPC Brochures* Making SEPA a Reality
More informationSEPA INSTANT CRED IT TRANSFER (SCT INST) SCHEME RULEBOOK
EPC 004-16 2017 Version 1.1 Issue date: 18 October 2017 Date effective: 21 November 2017 Time effective: 08:00:00.000 CET SEPA INSTANT CRED IT TRANSFER (SCT INST) SCHEME RULEBOOK Conseil Européen des Paiements
More informationMigrating to SEPA; infrastructural change needs direction
Migrating to SEPA; infrastructural change needs direction One end-date will limit costs and materialize SEPA benefits in the shortest possible scenario addendum to NVB considerations on EC Working Paper
More informationNATIONAL IMPLEMENTATION AND MIGRATION PLAN
NATIONAL IMPLEMENTATION AND MIGRATION PLAN ROMANIA Reference SEPA-RO-08 Version V2.01 Edition March 2009 Drawn up by SEPA Task Force Approved by / Date NATIONAL SEPA COMMITTEE / 12.03.2009 Page 1 of 39
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 informationSEPA. Frequently Asked Questions
SEPA Frequently Asked Questions Page 1 of 9 Contents General SEPA Questions... 3 What is SEPA?... 3 What is the aim of SEPA?... 3 What are the benefits of SEPA?... 3 What countries are included in SEPA?...
More informationSándor Dávid: The Single Euro Payments Area
Sándor Dávid: The Single Euro Payments Area The objective of the pan-european regulatory and self-regulatory work related to the creation of the Single Euro Payments Area (SEPA) is to improve the efficiency
More informationEuropean Payments: A path towards Integration
Treasury and Trade Solutions European Payments: A path towards Integration Ruth Wandhöfer Global Head Regulatory & Market Strategy October 2014 Agenda The building blocks of European Payments Law and Market
More informationSEPA DIRECT DEBIT CORE RULEBOOK CHANGE REQUEST - PUBLIC CONSULTATION DOCUMENT COVER PAGE
EPC012-16 Version 1.0 05 April 2016 SEPA DIRECT DEBIT CORE RULEBOOK CHANGE REQUEST - PUBLIC CONSULTATION DOCUMENT COVER PAGE The Single Euro Payments Area (SEPA) payment schemes, as set out in the SEPA
More informationThe SEPA Implementation Plan for the Banking Sector in Malta
The SEPA Implementation Plan for the Banking Sector in Malta 1. Purpose This Plan outlines the organisational set up of the national payments community in Malta and affirms its commitment towards the implementation
More informationSecond progress report on the migration towards SEPA in Belgium
Second progress report on the migration towards SEPA in Belgium Steering Committee on the future of means of payment SEPA Working Group March 2009 2/28 Table of contents 1 Introduction 4 2 The operational
More informationThe SEPA Implementation Plan for the Banking Sector in Malta
The SEPA Implementation Plan for the Banking Sector in Malta 1. Purpose This Plan outlines the organisational set up of the national payments community in Malta and affirms its commitment towards the implementation
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 informationTHE IMPLICATIONS OF SINGLE EURO PAYMENTS AREA (SEPA) ON BANKING EFFICIENCY
CES Working Papers Volume VI, Issue 3 THE IMPLICATIONS OF SINGLE EURO PAYMENTS AREA (SEPA) ON BANKING EFFICIENCY Mihaita-Cosmin POPOVICI * Abstract: With the creation of the euro by the Maastricht Treaty
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 informationProcessing of retail payments: Services of Deutsche Bundesbank
: Services of Deutsche Bundesbank Department Payments and System Martin Barraud gettyimages/george Doyle Page 2 Processing of retail payments: services offered by the Bundesbank With its retail payment
More informationSEPA CREDIT TRANSFER SCHEME RULEBOOK
Doc: EPC125-05 24 June 2008 (Version 3.2 Approved) EPC SEPA CREDIT TRANSFER SCHEME RULEBOOK Abstract Document Reference Issue This document defines the EPC SEPA Credit Transfer Scheme Rulebook. EPC125-05
More informationSingle Euro Payments Area 2
SEPA direct debit The SEPA 1 direct debit is a local payment instrument for the entire EU and EEA plus Switzerland and Monaco. It represents a significant development from the current diversity of national
More informationSEPA CREDIT TRANSFER SCHEME RULEBOOK
EPC125-05 2017 version 1.1 Date issued: 18 October 2017 Date effective: 19 November 2017 SEPA CREDIT TRANSFER SCHEME RULEBOOK Conseil Européen des Paiements AISBL Cours Saint-Michel 30 B 1040 Brussels
More informationEndorsed by: SEPA GUIDANCE
Endorsed by: SEPA GUIDANCE PRACTICAL GUIDANCE FOR THE IMPLEMENTATION OF REGULATION (EU) N O 260/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 14 MARCH 2012 ESTABLISHING TECHNICAL AND BUSINESS REQUIREMENTS
More informationFINANCIAL INSTITUTIONS Retail issues, consumer policy and payment systems
EUROPEAN COMMISSION Internal Market and Services DG FINANCIAL INSTITUTIONS Retail issues, consumer policy and payment systems 2.6.2010 WORKING PAPER ON SEPA MIGRATION END-DATE Commission européenne, BE-1049
More informationThe Belgian SEPA Migration Plan
The Belgian SEPA Migration Plan Belgium as part of the Single Euro Payments Area Version 3.0 January 2007 Status of the document: validated by the SEPA Forum on January 18th, 2007 2/26 Belgian Migration
More informationSEPA DIRECT DEBIT B2B RULEBOOK CHANGE REQUEST - PUBLIC CONSULTATION DOCUMENT COVER PAGE
EPC013-16 Version 1.0 05 April 2016 SEPA DIRECT DEBIT B2B RULEBOOK CHANGE REQUEST - PUBLIC CONSULTATION DOCUMENT COVER PAGE The Single Euro Payments Area (SEPA) payment schemes, as set out in the SEPA
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 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 informationPRELIMINARY INCOME TAX DIRECT DEBIT GUIDELINES
PRELIMINARY INCOME TAX DIRECT DEBIT GUIDELINES This document was last updated June 2017 Contents 1. Scope...3 2. Purpose...3 3. Introduction...3 4. SEPA Monthly Direct Debit Scheme...4 5. Summary...5 6.
More informationPreliminary Income Tax Direct Debit Guidelines
This document was updated September 2018. Contents 1. Scope...2 2. Purpose...2 3. Introduction...2 4. SEPA Monthly Direct Debit Scheme...3 5. Summary...3 6. Process Using Direct Debit Online...3 7. Validation
More informationEUROPEAN CENTRAL BANK
28.1.2009 C 21/1 I (Resolutions, recommendations and opinions) OPINIONS EUROPEAN CTRAL BANK OPINION OF THE EUROPEAN CTRAL BANK of 6 January 2009 on a proposal for a Regulation of the European Parliament
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 informationSEPA CREDIT TRANSFER SCHEME RULEBOOK
EPC125-05 Version 8.3 Date issued: 24 November 2016 Date effective: 24 December 2016 SEPA CREDIT TRANSFER SCHEME RULEBOOK Conseil Européen des Paiements AISBL Cours Saint-Michel 30 B 1040 Brussels Tel:
More informationSEPA CREDIT TRANSFER SCHEME RULEBOOK
EPC125-05 Version 5.1 Approved Date issued: 17 November 2011 Date effective: 19 November 2011 SEPA CREDIT TRANSFER SCHEME RULEBOOK Conseil Européen des Paiements AISBL Av. de Tervueren 12 B 1040 Brussels
More informationSEPA CREDIT TRANSFER SCHEME RULEBOOK
EPC125-05 Version 7.1 Approved Date issued: 27 January 2014 Date effective: 1 February 2014 SEPA CREDIT TRANSFER SCHEME RULEBOOK Conseil Européen des Paiements AISBL Cours Saint-Michel 30 B 1040 Brussels
More informationEuropean Payments Council
European Payments Council What developments have taken place and how are these related to standardisation. November 4, 2009 Igo Raadt Content Standard European Payments Council Euro money SEPA message
More informationPreparing for EURO: adopting SEPA standards for payments in Lei. Ionel Dumitru SEPA Project Manager
Preparing for EURO: adopting SEPA standards for payments in Lei Ionel Dumitru SEPA Project Manager Agenda How the Romanian banking community prepares for payments in EURO 1 2 3 TransFonD and SENT System
More informationBirth of the Single Euro Payments Area
Birth of the Single Euro Payments Area Benefits for US Corporations The information contained herein does not constitute and shall not be construed to constitute investment, tax or legal advice by Deutsche
More informationSEPA - A Guide for Business Customers. SEPA Credit Transfer (SCT) SEPA Direct Debit Core Scheme (SDD Core)
SEPA - A Guide for Business Customers SEPA Credit Transfer (SCT) SEPA Direct Debit Core Scheme (SDD Core) Version: 2.1 (effective 20 th November 2016) Published: November 2016 Table of contents 1 PURPOSE
More informationDr. Anikó Turján and Judit Brosch: Single Euro Payments Area (SEPA): Full speed ahead!*
Dr. Anikó Turján and Judit Brosch: Single Euro Payments Area (SEPA): Full speed ahead!* In 2001, a study was conducted for the European Commission looking at the intra-community cross-border credit transfers
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 informationEACHA Taskforce Report v4.1
Technical Interoperability Framework for SEPA - Compliant Payments Processing EACHA Taskforce Report v4.1 Document Reference : EACHA_2009_4.1 Interoperability Issue / date : 4.1 / March 10, 2009 Produced
More informationInstitutional Issues. SEPA and its impact on the Italian payment system
Institutional Issues SEPA and its impact on the Italian payment system November 2013 Institutional Issues SEPA and its impact on the Italian payment system November 2013 Prepared by the Market and Payment
More informationInfosession TIPS: Target Instant Payments Settlement. 3 February Infosession TIPS: Target Instant Payments Settlement 3.02.
Infosession : Target Instant Payments Settlement 3 February 2017 Infosession : Target Instant Payments Settlement 3.02.2017 1 On the agenda for today 10:00-10:15 Introduction : Target Instant Payments
More informationSEPA CORE DIRECT DEBIT SCHEME RULEBOOK
EPC016-06 2017 version 1.1 Date issued: 18 October 2017 Date effective: 19 November 2017 SEPA CORE DIRECT DEBIT SCHEME RULEBOOK Conseil Européen des Paiements AISBL Cours Saint-Michel 30 B 1040 Brussels
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 informationBlueprint for a Pan-European E-Services Solution
Blueprint for a Pan-European E-Services Solution June 2011 Table of Content 1 INTRODUCTION... 5 1.1 Background... 5 1.2 Purpose... 5 1.3 Summary of findings... 6 1.4 Terminology... 6 2 MARKET ANALYSIS...
More informationReport and Recommendations from ERPB WG on SCT- SDD post-migration issues
Group: Euro Retail Payments Board (ERPB) WG on SCT-SDD postmigration issues Doc id: ERPB Migr. 008-14 Doc version: v1.0 Report and Recommendations from ERPB WG on SCT- SDD post-migration issues ERPB Meeting
More informationThe Evolving European Regulatory Landscape
Global Banking Symposium 2006 The Evolving European Regulatory Landscape Thomas J. Matich June 6 th 2006 Mass Payments Global Banking Symposium 2006 The evolving European regulatory landscape The introduction
More informationRe: Open letter to banks planning to adhere to the SEPA Credit Transfer and SEPA Direct Debit Schemes
Letter EPC050-07 Version 0.7 31 May 2007 For the attention of: All banks and banking associations in SEPA Re: Open letter to banks planning to adhere to the SEPA Credit Transfer and SEPA Direct Debit Schemes
More informationSEPA DIRECT DEBIT B2B RULEBOOK CHANGE REQUEST - CONSULTATION DOCUMENT COVER PAGE
EPC099-14 Version 1.0 16 May 2014 EPC SEPA DIRECT DEBIT B2B RULEBOOK CHANGE REQUEST - CONSULTATION DOCUMENT COVER PAGE The Single Euro Payments Area (SEPA) payment schemes, as set out in the SEPA Credit
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 informationSEPA Creditors Guide. SEPA Direct Debit Core Scheme. Version 1.2 Final Page 1 of 35
SEPA Creditors Guide SEPA Direct Debit Core Scheme Version 1.2 Final Page 1 of 35 Log of Revisions to the SDD Creditors Guide Version number Version1.1 Brief description of revision Comprehensive guide
More informationProposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EN EN EN EUROPEAN COMMISSION Brussels, 16 December 2010 COM(2010) 775 final 2010/0373 (COD). Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing technical requirements
More informationPayment Services Directive: Frequently Asked Questions (See also IP/07/550)
MEMO/07/152 Brussels, 24 April 2007 Payment Services Directive: Frequently Asked Questions (See also IP/07/550) BACKGROUND TO PAYMENT SERVICES DIRECTIVE (PSD) 1) Why has the Commission proposed this Directive?
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 informationFull SEPA (Single Euro Payments Area) Migration - Frequently Asked Questions
MEMO/11/936 Brussels, 20 December 2011 Full SEPA (Single Euro Payments Area) Migration - Frequently Asked Questions 1. What is SEPA? The Single Euro Payments Area (SEPA) is the area where citizens, business
More informationThe future of RON payments is instant
The future of RON payments is instant The future of RON payments is instant Ionel Dumitru, Advisor to the CEO SWIFT Business Forum Romania Bucharest, November 8 th, 2017 Summary 1 2 3 IP - the new virus
More informationThis document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
2009R0924 EN 31.03.2012 001.001 1 This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents B REGULATION (EC) No 924/2009 OF THE EUROPEAN PARLIAMENT
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 informationSEPA BUSINESS TO BUSINESS DIRECT DEBIT SCHEME RULEBOOK
EPC222-07 2017 version 1.1 Date issued: 18 October 2017 Date effective: 19 November 2017 SEPA BUSINESS TO BUSINESS DIRECT DEBIT SCHEME RULEBOOK Conseil Européen des Paiements AISBL Cours Saint-Michel 30
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 informationEUROPEAN UNION (CREDIT TRANSFERS AND DIRECT DEBITS IN EURO) ORDER 2015
European Union (Credit Transfers and Direct Debits in Euro) Order 2015 Article 1 Statutory Document No. 2015/0248 c European Communities (Isle of Man) Act 1973 EUROPEAN UNION (CREDIT TRANSFERS AND DIRECT
More informationDeutsche Bank Global Transaction Banking. The Ultimate Guide to SEPA Migration
Deutsche Bank Global Transaction Banking The Ultimate Guide to SEPA Migration September 2012 2 Introduction SEPA, the Single Euro Payments Area, has been a reality since January 2008, when the SEPA Credit
More informationThis document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
2012R0260 EN 31.01.2014 001.001 1 This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents B REGULATION (EU) No 260/2012 OF THE EUROPEAN PARLIAMENT
More informationSEPA CORE DIRECT DEBIT SCHEME RULEBOOK
Doc: EPC016-06 31 March 2009 Version 3.3 draft 1.0 approved SEPA CORE DIRECT DEBIT SCHEME RULEBOOK Abstract Document Reference Issue This document defines the SEPA Core Direct Debit Scheme Rulebook. EPC016-06
More informationLOCAL PROPERTY TAX DIRECT DEBIT GUIDELINES
LOCAL PROPERTY TAX DIRECT DEBIT GUIDELINES This document was last updated June 2017 Contents 1. Scope...3 2. Purpose...3 3. Overview...3 4. SEPA Monthly Direct Debit Scheme...5 5. Summary...6 6. Application
More informationSEPA Single Euro Payments Area
SEPA Single Euro Payments Area your guide to: Terms and Conditions for Incoming Payments Definitions Our Obligations as a Bank Our Fees and Charges Terms and Conditions for Incoming Payments Single Euro
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 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 informationREPUBLIC OF CROATIA National SEPA Migration Plan Annex 1
REPUBLIC OF CROATIA National SEPA Migration Plan Annex 1 March 2016 Content Introduction National SEPA Migration Plan Annex 1... 3 Organisational set up and management of the SEPA project in the Republic
More informationDebtor Information Document. (Including Terms of Use for Italy)
Debtor Information Document (Including Terms of Use for Italy) (Not for accounts with HSBC Germany) 1 Introduction SEPA is the Single Euro Payments Area, which covers 34 countries all 28 European Union
More informationCountdown to SEPA Less than one year to go
Transaction Services February 26 th, 2013 Countdown to SEPA Less than one year to go Today s Speakers: Karin Flinspach EMEA Head of Payments and Receivables, Citi Transaction Services Jonathan Jordan EMEA
More informationSEPA as a driver for streamlining receivables
BNP_FX_2014.qxd 17/12/13 10:53 Page 1 SEPA 2.0: Opportunities and challenges after the end-date by Luca Poletto, BNP Paribas Five years after the go-live date of the first Single Euro Payments Area (SEPA)
More informationPROMOTION OF E-PAYMENTS IN TRINIDAD & TOBAGO
PROMOTION OF E-PAYMENTS IN TRINIDAD & TOBAGO February 6, 2014 Presentation to Bankers Association of Trinidad and Tobago Held at First Citizens Bank, Queens Park East OUTLINE Background on Electronic Payments
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 informationSEPA BUSINESS TO BUSINESS DIRECT DEBIT SCHEME RULEBOOK
EPC222-07 Version 4.1 Approved Date issued: 6 November 2012 Date effective: 17 November 2012 SEPA BUSINESS TO BUSINESS DIRECT DEBIT SCHEME RULEBOOK Conseil Européen des Paiements AISBL Cours Saint-Michel
More informationSEPA BUSINESS TO BUSINESS DIRECT DEBIT SCHEME RULEBOOK
EPC222-07 Version 7.1 Date issued: 4 March 2015 Date effective: 20 November 2016 SEPA BUSINESS TO BUSINESS DIRECT DEBIT SCHEME RULEBOOK Conseil Européen des Paiements AISBL Cours Saint-Michel 30 B 1040
More informationSTEP2-T PFMI disclosure report by EBA CLEARING S.A.S.
STEP2-T PFMI disclosure report by EBA CLEARING S.A.S. 20 th August 2015 Copyright EBA CLEARING S.A.S. 2015. All rights reserved. Responding institution: ABE CLEARING S.A.S. à capital variable (EBA CLEARING)
More information