Payments: Commission and ECB welcome clarifications on a SEPA-wide payment cards market
- European Union
- 08/27/2008
- Roschier, Attorneys Ltd. - Finland
The Commission and the European Central Bank welcomed a document published by the European Payments Council (“EPC”), the association of banks and banking associations which is setting up the Single Euro Payments Area (“SEPA”). In the document, the EPC clarifies key aspects of compliance with the SEPA Cards Framework (“SCF”) for payment card schemes and banks, and the conditions for geographical coverage of card schemes within the SEPA. According to the EPC, compliance with the SCF does not require that a card scheme cover all 31 states of the SEPA, but only that cards be technically and commercially capable of being accepted everywhere in the SEPA. The clarifications provided by the EPC should facilitate the transition from the existing fragmented and monopolistic national payments markets towards a competitive, SEPA-wide, payment cards market where economies of scale and increased competition can drive efficiency and innovation to benefit European consumers and companies.
Source: Commission Press Release 21/8/2008
