Abstract
This chapter explores the progress of European Payments Integration since the introduction of the euro. The significant project of creating a European Single Market for Payments, that would facilitate efficient and cost-effective cross-border payment transactions to underpin intra-European trade, began in earnest in 2002 with the creation of the European Payments Council (EPC) and the development of the Single Euro Payments Area (SEPA) initiative. With a fragmented payments market in Europe, characterized by different payment standards, formats, services and market practices, the SEPA project began a long journey of harmonization covering technical, regulatory and legal as well as product/service levels. The EPC developed dedicated technical and business rules for the creation of SEPA credit transfer and direct debit services as well as harmonization standards for SEPA card services. In parallel, the European payments industry required support from EU legislators to ensure a harmonised legal environment in which SEPA services could be recognized in the same way both domestic and across borders. Various legislative measures were thus developed and adopted at EU level, ranging from the Payment Services Directive of 2007 to the SEPA Regulation of 2012 and most recently the updated Payment services Directive 2 published in December 2015.
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Notes
- 1.
“Banking and Finance”, EU Commission, last modified November 27, 2015, http://ec.europa.eu/internal_market/payments/sepa/ec_en.htm
- 2.
“Guidance for the implementation of the payment service directive”, Eurpoean Banking Industry PSD Expert Group, August 2009, http://www.ebf-fbe.eu/uploads/documents/publications/Reports/Others/Brochure-_24-08-09-PSD-Web-2009-01152-01-E.pdf
- 3.
“Guidance for the implementation of the payment service directive”, Eurpoean Banking Industry PSD Expert Group, June 2010, http://www.ebf-fbe.eu/uploads/documents/positions/Social/14-06-D0459G-2010%20final%20PSD%20Guidance%20Addendum%20%208%20June%202010%20final-LAYOUT.pdf
- 4.
“Guidance for implementation of the revised Payment Services Directive: PSD2 guidance”, European Banking Federation Payments Regulatory Expert Group, September 2016, http://www.zyyne.com/zh5/212663#p=0
- 5.
‘SEPA Guidance’, http://www.ebf-fbe.eu/uploads/SEPA%20guidance%20final.pdf, accessed January 7, 2016.
Further Reading
Wandhöfer, R. (2010). EU payments integration: The tale of SEPA, PSD and other milestones along the road. London: Palgrave MacMillan.
Bibliography
“Banking and Finance”, EU Commission. Last modified November 27, 2015. http://ec.europa.eu/internal_market/payments/sepa/ec_en.htm
Guidance for the implementation of the payment service directive. Eurpoean Banking Industry PSD Expert Group, August 2009. http://www.ebf-fbe.eu/uploads/documents/publications/Reports/Others/Brochure-_24-08-09-PSD-Web-2009-01152-01-E.pdf
Guidance for the implementation of the payment service directive. Eurpoean Banking Industry PSD Expert Group, June 2010. http://www.ebf-fbe.eu/uploads/documents/positions/Social/14-06-D0459G-2010%20final%20PSD%20Guidance%20Addendum%20%208%20June%202010%20final-LAYOUT.pdf
SEPA Guidance. http://www.ebf-fbe.eu/uploads/SEPA%20guidance%20final.pdf. Accessed 7 Jan 2016.
Wandhöfer, R. (2010). EU payments integration: The tale of SEPA, PSD and other milestones along the road. London: Palgrave Macmillan.
Wandhöfer, R. (2014). Transaction banking and the impact of regulatory change: Basel III and other challenges for the global economy. London: Palgrave MacMillan.
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Wandhöfer, R. (2016). European Payments: A Path Towards the Single Market for Payments. In: Batiz-Lazo, B., Efthymiou, L. (eds) The Book of Payments. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-60231-2_28
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DOI: https://doi.org/10.1057/978-1-137-60231-2_28
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