Tag: payment transactions

Europe has been on the cusp of a payments revolution since 2007, when it established a single rulebook setting the same payment standards and obligations across the 31-member EU/EEA. But the Payments Services Directive and a voluntary payments scheme, the Single Euro Payments Area, were welcomed only guardedly by the industry and member states and banks have been slow to implement both initiatives.

Using a mobile phone to make direct payments could become the norm in Europe following cooperation announced between the GSM Association (GSMA), which brings together the world's major mobile operators, and the European Payment Council (EPC), the body representing the EU banking sector.

Purchasing plane tickets online is one of the least secure transactions that can be carried out with a payment card and chances are high that customers will be targeted by fraudsters, according to a report published yesterday (28 April) by the European Commission.

Since 28 January 2008, every credit transfer carried out in euros is processed in the same way across Europe, with identical procedures and the same timeframe, but at a cost that will remain different from bank to bank "for a certain time".

The Commission has announced that it will create an expert group on bank customer mobility. Making it easier to change bank accounts cross-border is one of the main objectives of the EU's plans for a Single European Payments Area (SEPA).

The banking group, the European Payments Council (EPC), has announced plans to introduce two new single payment systems across Europe by January 2008.