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The consultation organised early this year by
the European Commission has been a decisive step towards the creation
of a Single Payment Area in the European Union.
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| The European Commission will submit the final draft
of its proposal for a new European legal framework to the European
Parliament within the next few months. |
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While the document published at the end of 2003 by
the European Commission contains preliminary suggestions for the establishment
of a new legal framework applicable to retail payment services in
the European Union, the objective targeted is to facilitate cross-border
payments and make them as secure as national payments.
In particular, the European Commission recommends the removal of legal
barriers, the harmonisation of the basic legal regulations, the development
of system interoperability as well as the strengthening of payment
security and measures to combat fraud.
The document was submitted to all stakeholders (national ministries,
central and private banks, consumer and merchant associations and
the card payment sector) with a request for their views and recommendations.
The Commission received over 100 responses at the beginning of 2004.
Cartes Bancaires's response focused on several major points. The first
imperative is the need to find a fair balance between protecting the
consumer and preserving retailers' interests. Cartes Bancaires has
also emphasised the need to clearly define the term "payment
institution" - as a supplier of payment services -
as well as the latter's rights and obligations to protect the user/consumer
and retailers against risks that may arise from potential failings
of the new payment institutions. Finally, Cartes Bancaires strongly
recommends maintaining the distinction between consumer-retailer relations
and bank-client relations, as well as re-inforcing the levels of security
that must be considered as key building blocks in the construction
of the Single European Payment Area. The European Commission has examined
these recommendations, and will submit the final draft of its proposal
for a new European legal framework to the European Parliament within
the next few months.
For more details:
http://europa.eu.int |
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