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| epc clears the way for sepa |
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| Last March the EPC finalised the principles that will
enable SEPA's implementation in January 2008. |
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Work carried out since June
2002 by the European banking
community within the European
Payments Council (EPC) resulted in
the Sepa Cards Framework (SCF) being
finalised last September.
This document - a major step along
the road to the SEPA - sets out a series
of rules the application of which will
contribute to removing all the barriers (technical, legal and commercial) in
the area of payment cards in Europe.
Approved and published on 8th March by
the EPC, the SCF initially defines the
general principles for card payment
systems within SEPA: technical interoperability
of payment infrastructures based
on the EMV standard, harmonisation of
services, opening up and transparency
of systems, etc.
• New payment means
It also introduces, effective early 2008, two
new pan-European payment instruments,
Sepa Credit Transfer and Sepa Direct Debit,
the operating rules for which will be finalised
by September. Finally, last March, European
Payments Council also adopted a draft
framework for the alignment of clearance
and settlement mechanisms in compliance
with SEPA payment instruments. |
| • Nicolas Humbert |
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