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July 11, 2012updated 04 Apr 2017 4:14pm

EPC abandons SEPA e-Payment Framework draft

The European Payments Council (EPC) has abandoned further developments of the draft SEPA e-Payment Framework, together with any related standardisation initiative. The EPC said the decision reflected the need to launch a wider debate with all stakeholders on how to create a secure SEPA online payment environment. The announcement follows an investigation initiated by the European Commission in September 2011 that considered whether the standardisation of online payments could alienate new entrants or service providers from the e-payments market

By Sara Perria

The European Payments Council (EPC) has abandoned further developments of the draft SEPA e-Payment Framework, together with any related standardisation initiative.

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The EPC said the decision reflected the need to launch a wider debate with all stakeholders on how to create a secure SEPA online payment environment.

The announcement follows an investigation initiated by the European Commission in September 2011 that considered whether the standardisation of online payments could alienate new entrants or service providers from the e-payments market.

As a result of the investigation, the EPC suspended all activities related to the draft SEPA e-Payment Framework, including the plan to launch a public consultation on it.

The EPC said following further analysis of applicable legal regimes, it concluded that there are significant challenges to any initiative to develop an interoperability framework for secure SEPA-wide online payment solutions in a way that meets the interests of all stakeholders.

The draft framework aimed to support SEPA-wide interoperability between existing and new e-payment schemes that rely on SEPA credit transfers, in the light of harmonisation and security concerns among European Union authorities and e-merchants for the banking industry.

 

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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