About: Single European payments area

Technology 17-11-2014

Mobile phones call up a cashless future

SPECIAL REPORT: A boom in payment-enabled smartphone manufacture and the entry of key phone and finance players into the mobile wallets market has made 2014 a watershed year, as the tide turns against the future use of cash.
Euro & Finance 27-02-2014

Commission and Visa Europe reach agreement on transaction fees

Credit-card provider Visa Europe will cap the transaction fees it charges, the European Commission said today (26 February), curbing an important money earner for banks behind the payment scheme.
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Economy & Jobs 26-02-2014

Commission and Visa Europe agree on transaction fees cap

The European Commission rendered on Wednesday legally binding the commitments offered by Visa Europe to significantly cut its  interchange fees for credit card payments and to reform its rules in order to facilitate cross-border competition.
Euro & Finance 29-01-2014

Adoption of EU payment laws passed on to next Parliament

Time has run out for the current European Parliament to adopt the updated Payment Services Directive, the Assembly's chief spokesperson confirmed during a public debate in Brussels on Wednesday (29 January). EURACTIV Italy reports.
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Economy & Jobs 27-09-2013

The Payment Services Directive Revision

The original Payment Services Directive (PSD) was adopted by the EU six years ago, but an explosion in the ownership and use of smartphones and tablets, and new buying patterns, has taken place since. The Commission has now proposed a new directive to bring the original up to date. With the directive now under consideration in the European Parliament and Council, Fondation EURACTIV is pleased to invite you to a round table debate to explore answers to questions such as:
Euro & Finance 07-06-2013

Payment Services Directive: The new payments landscape

The Payment Services Directive (PSD) was adopted by the EU Council of Ministers in March 2007, but an explosion in e-commerce through the internet and the ownership and use of smartphones has taken place since then. In response to the challenge posed by technology to traditional payments methods, the Commission published a green paper called: ‘Towards an integrated European market for card, internet and mobile payments,’ as a precursor to further rules changes. Following a consultation period an updated Payment Services Directive (PSD II) was published this summer (July 24), with a separate regulation on multilateral interchange fees (MIFs).
Euro & Finance 21-12-2011

Clearance for common payment area by 2014

Banks and other financial services providers must implement a single European payment area (SEPA) by 2014 following a deal reached yesterday (20 December) by the European Parliament and EU member state representatives.
Brexit 13-04-2011

EU close to agreeing single payment area switchover

A consensus is emerging among the EU's institutions on setting a deadline for banks' switchover to the Single Euro Payments Area (SEPA) system. However, divisions persist among banks, insurers and others regarding certain features of the proposal, notably on the modality of the switch and various national waivers.
Brexit 24-09-2010

SEPA: Smart, Easy – Perfectly Adequate!

Establishing a Single Euro Payments Area (SEPA) for non-cash bulk transfers, which would cut costs for European companies and bring greater transparency for consumers, is easy and logical, write Meta Zähres and Sophie Ahlswede from Deutsche Bank (DB) Research.
Euro & Finance 29-01-2010

Bankers: Hurdles remain for mobile payments launch

The architects of the Single Euro Payments Area (SEPA), designed to harmonise euro-denominated money transfers, hope the system will allow customers to make payments using mobile phones. Dag-Inge Flatraaker, from the bank-driven European Payments Council, told EURACTIV that banks have come a long way but must now work to iron out security issues.
Euro & Finance 29-10-2009

Banks not buying in to Single Payments Area

While the EU admits its plan to create a Single Euro Payment Area (SEPA) across Europe will take longer than expected, consumer and banking groups argue that the scheme needs to be revised before it is rolled out any further.
Brexit 11-09-2009

Commission announces roadmap to SEPA

The European Commission yesterday (10 September) laid down a roadmap for rolling out the Single Euro Payment Area (SEPA) intended to create the same rules and standards on electronic payment services in euros.
Euro & Finance 19-05-2009

EU edges closer to mobile phone payments

An agreement between two major industry players has brought Europe a step closer to using mobile phone technology for direct payments.
Euro & Finance 13-06-2008

MasterCard temporarily annuls cross-border fees

MasterCard is provisionally repealing the cross-border interchange fees it charges on all transactions made in Europe with credit or debit cards in a bid to comply with a Commission deadline of 21 June. But it will continue to look for a fee scheme that complies with EU rules.
Competition 03-04-2008

Visa ready to lower costs of cross-border card payments

Visa Europe said it was ready to negotiate lower fees on card payments made across EU borders in a move aimed at avoiding antitrust measures from the European Commission.
Competition 04-03-2008

MasterCard appeals Commission decision on cross-border fees

MasterCard decided yesterday to challenge last December's decision by the European Commission which confirmed the illegality of cross-border interchange fees imposed by the American company to all transactions made in Europe with a credit or debit card.
Euro & Finance 28-02-2008

EU to remove cost disparities in cross-border payments

By the end of 2008, direct automatic debit payments such as mortgage instalments should cost the same across the EU, regardless of whether they are carried out within a member state or involve a cross-border transaction inside the European Union.
Euro & Finance 28-01-2008

Single Euro Payments Area kicks in

The new Single Euro Payments Area (SEPA) launched today (28 January) is widely expected to bring price reductions for consumers and offer new business opportunities for banks and payment operators across borders, according to a recent study.
Brexit 25-01-2008

Single Payments Area

In the European single market there are still large differences between the national payment systems. The EU seeks to remove these obstacles and reduce the costs to cross-border payments for consumers by creating a Single Euro(pean) Payments Area (SEPA). The European Payments Council (EPC) was set up to develop a common infrastructure and standards. However, there is only little progress, since banks are reluctant to apply standards and fear competition being opened up to non-banks, which makes it difficult to reach the 2010 target. Therefore, the Commission has laid out a common legal framework in its 2005 proposal.
Euro & Finance 23-01-2008

Industry told to ‘redouble efforts’ on euro payments area

EU finance ministers on Tuesday (22 January) called on the industry to step up efforts to complete a single euro payments area, due to be launched next week. But obstacles to its full implementation are yet to be overcome.
Competition 20-12-2007

Commission rules against MasterCard in cross-border fee dispute

In a long-awaited decision, the Commission has ruled against MasterCard's interchange fees, saying they violate EU rules on restrictive business practice and "act like a tax on consumption".
Competition 06-12-2007

Commission, card companies still differ on ‘interchange’ fees

Commissioners and credit card industry representatives have stressed the importance of the Single Euro Payment Area (SEPA) becoming a reality from 2008 but maintained different assessments over the relevance of credit card interchange fees.
Euro & Finance 25-04-2007

Payment Services Directive pushed through by Parliament

The European Parliament has adopted rules for a European-wide payment-services system, aiming to make cashless payments using devices such as mobile phones cheaper and easier and pave the way for a single EU payments area by 2010.
Euro & Finance 28-03-2007

EU agrees cross-border payment overhaul

Finance ministers have backed proposals for an EU-wide payment services system, which aims to make it cheaper and easier to use payment cards throughout the 27-member bloc. New takeover rules in the banking sector were also given the green light.