The European Payments Council (EPC), representing payment service providers, has published version 7.1 of the Single Euro Payments Area (SEPA) Cards Standardisation Volume, in collaboration with the Cards Stakeholders Group (CSG), a multi-stakeholder body representing retailers, vendors, processors, card schemes and the EPC.
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The Volume was originally created in 2009 to facilitate cards standardisation, interoperability, as well as security in Europe.
The latest version of the Volume includes for the first time functional and security requirements for card-not-present payments.
The new version also includes a cards processing framework which defines business principles related to market access and participation in card payment processing services.
Moreover, in order to see that the Volume requirements do not counter the recent European Regulation on cards interchange fees, an analysis has been carried out.
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By GlobalDataThe new version of the Volume is expected to be implemented by December 2018.
No changes have been made to the requirements detailed in the previous version, Volume, 7.0, for card-present transactions, and the related implementation timeline.
