The European Central Bank (ECB) has established a new Euro Retail Payments Board (ERPB) to oversee the development of retail payments market in the European Union.
The new entity replaces the Single Euro Payments Area (SEPA) Council and will include seven representatives from the demand side and seven from the supply side, who will be joined by five representatives from the euro area national central banks and one from the non-euro area EU national central banks.
According to ECB, the ERPB’s work will consist mainly of identifying strategic issues and work priorities (including business practices, requirements and standards) and ensuring they are addressed.
ERPB will start its work as the payments sector prepares for the deadline for full migration to SEPA credit transfers and SEPA direct debits in the euro area.
ECB member of executive board, Benoît Curé, said: "The integration of the European retail payments market is a natural consequence of the monetary union. It facilitates everyday life for European citizens and also trade, financial integration and market competitiveness in the European Union."