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The arrival, by 2010, of the Single Euro Payment Area (SEPA), and
in particular a bankcard Europe, is one of the priority policies of
the European Central Bank (ECB). "The ECB can leverage the process
in several ways", explained Gertrude Tumpel-Gugerell, Member
of ECB's Executive Board: as a catalyst for change, as a regulatory
body that defines and imposes binding regulations, and as a service
operator. "In the area of bankcards, the ECB primarily focuses
on its role as a catalyst", added Gertrude Tumpel-Gugerell. "It
also looks at the general conditions that must apply to card payments
in the euro zone. Of course, the banking industry is a key partner
and we have close working relationships with all stakeholders. We
also keep a close watch on the work of the EPC (European Payments
Council) and we are pleased to see that progress is being made."
The ECB's goals and timeframes are set out in a document called "Towards
a single euro payments area - Third progress report". "It
is important to emphasise that we have no preference for any particular
system, be it national or international", pointed out Gertrude
Tumpel-Gugerell. "Our position is neutral with regard to commercial
offers, but we would like to see them evolve towards solutions that
are operable at the SEPA level. Competition is essential and you can
be sure that the ECB will be vigilant in this matter."
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BCE |
| The European Central Bank, represented
here by its President, Jean-Claude Trichet,... |
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Towards strong governance
The obstacles to be overcome are well known, among them are the diversity
of standards, regulations and practices. "Further progress will
require strong governance", emphasised Gertrude Tumpel-Gugerell,
quoting the example of IBAN, the European bank account number, which
is still too infrequently used, or the PEACH framework (Pan-European
Automated Clearing House). The market will then choose between the
brands and products that attain Europe-wide acceptance. Retailers,
in particular, will have a major role to play in this area, provided,
of course, that they are given the option of viable systems without
having to increase the number of payment terminals. "In addition
to interoperability", concluded Gertrude Tumpel-Gugerell, "two
other essential points need to be factored into the equation: combating
fraud and interchange commissions. Cardholders should be able to enjoy
the same security throughout the SEPA. We believe that there should
be no difference between the fees paid for national transactions and
those paid for transactions between countries in the euro zone."
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DR |
| ... and the European Commission
would like to see the implementation of the Single European
Payments Area by 2010. |
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A text for September 2005
This concern for harmonisation is also reflected in the "New
Legal Framework", a project steered by the European Commission.
"This Draft Directive on a Single Payments Area is in addition
to the Payment and Trans-border Transfer Regulations which date from
July 2002 and 2003 respectively", pointed out Bruno Dupont, of
European Affairs Consultants, Euralia. The aim is to provide all citizens
and companies with efficient, cost-effective and secure methods of
payment that can be used with the same ease on their domestic market
as in any other EU Member State. This notion is well accepted on the
whole, although some credit institutions fear that the way may be
opened to a lower security level in the payment systems if new operators
are able to make some types of payments (micro-payments) - without
being subjected to the same conditions required of banks. In the meantime,
the Draft Directive has to be completed ready for submission next
September.
For more details:
www.ecb.int
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