The European Payments Council (EPC) and the Cards Stakeholders Group (CSG) have published an updated version of the SEPA cards standardisation volume. This document defines a standard set of requirements to ensure an interoperable and scalable card and terminal infrastructure across the single euro payments area (SEPA), based on open international card standards.
Version 6.5 of the SEPA cards standardisation volume is open to a six-week public consultation period to 14 July, where all stakeholders are invited and encouraged to provide their feedback. It is an interim version, with the EPC and CSG planning to release a stable version 7.0 in early 2014, ready for market implementation. The public consultation aims to further the process of identifying common standards requirements, which will promote interoperability and foster competition in the SEPA cards domain.
The EPC acts as the coordination and decision making body of the European banking industry in relation to payments. The CSG, a multi-stakeholder body representing retailers, vendors, processors, card schemes and the EPC, develops and maintains the SEPA cards standardisation volume.
EPC chair Javier Santamaría, commented: “Continuation of the CSG’s self-regulatory role and the effective implementation of the harmonised SEPA cards standardisation requirements contained in the cards standardisation volume is the most appropriate and efficient way to achieve further integration of the European cards market.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.