IBANs or IPANs? Creating a Level Playing Field between Bank and Non-Bank Payment Service Providers
- 1.9k Downloads
The intention of the European legislative bodies, which is enshrined in different legal acts, such as the Payment Services Directive and the second Electronic Money Directive, is to boost competition and innovation on the payments market by creating new categories of payment service providers, i.e., payment institutions (PIs) and electronic money institutions (EMIs). Traditionally, banks operating current accounts of consumers and companies used to be major payment service providers (PSPs), which as a group faced only marginal competition in the payments business at the front end. However with the advent of new laws on payments in Europe and the rising willingness of customers to use innovative services of non-banks, questions need to be posed about the level playing field between old and new players.
KeywordsEuropean Union Payment System Bank Account Payment Service Mobile Payment
Unable to display preview. Download preview PDF.
- Ansip, A. 2015. “Keynote speech: Retail payments in the Digital Single Market”, ECB and Suomen Pankki conference, Getting the balance right: innovation, trust and regulation in retail payments. Helsinki, 4 June, https://ec.europa.eu/commission/2014-2019/ansip/announcements/speech-vice-president-ansip-ecbsuomen-pankki-conference-helsinki-getting-balance-right-innovation_en date accessed 15 June 2015.Google Scholar
- Bleyen, V.-A., Van Hove, L., and Hartmann, M. 2010. “Classifying payment instruments: A Matryoshka approach”, Communications & Strategies, Vol. 1, No. 79, 73–94.Google Scholar
- Bott, J., and Milkau, U. 2014. “Mobile wallets and current accounts: Friends or foes?”, Journal of Payments Strategy & Systems, Vol. 8, No. 3, 289–299.Google Scholar
- Cortet, M., and Lycklama, D. 2015. “PSD2 ‘Access to Account’ (XS2A): Time to get real about banking API business strategies”, Innopay Blog, Payments Article, 10.06. https://www.innopay.com/blog/psd2-access-to-account-xs2a-time-to-get-real-about-banking-api-business-strategies/ date accessed 30 June 2015.
- Electronic Money Directive (EMD). Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions. In: Official Journal of the European Communities of 27 October, L 275.Google Scholar
- Electronic Money Directive 2 (EMD2). Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC. In: Official Journal of the European Communities of 10 October, OJ L 267.Google Scholar
- Euro Banking Association, Working Group on Electronic and Alternative Payments. 2015. “Opinion paper on Digital Customer Services Interface (DCSI)”, Version 1.0, 11 May.Google Scholar
- European Commission. 2012. “Green Paper: Towards an integrated European market for card, internet and mobile payments”, 11 January, Brussels.Google Scholar
- European Commission. 2013. “Impact assessment accompanying the proposal for revising the Payment Services Directive” http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52013SC0288 date accessed 25 June 2015.
- European Commission. 2015. “Communication from the Commission of 19 May 2010 to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions — A Digital Agenda for Europe [COM(2010) 245 final — Not published in the Official Journal]” https://ec.europa.eu/digital-agenda/en/our-goals/pillar-i-digital-single-market http://europa.eu/legislation_summaries/information_society/strategies/si0016_en.htm http://ec.europa.eu/priorities/digital-single-market/, date accessed 25 May 2015.
- Górka, J. 2013. Efektywność instrumentów płatniczych w Polsce (Efficiency of payment instruments in Poland), Warsaw: Publishing House of the Faculty of Management, University of Warsaw. http://jgorka.pl/wp-content/uploads/e-book-Efektywno%C5%9B%C4%87-instrument%C3%B3w-p%C5%82atnic-zych-w-Polsce-J.G%C3%B3rka-2013.pdf. DOI: 10.7172/978-83-63962-30-2.Google Scholar
- Harasim, J. 2013. Współczesny rynek płatności detalicznych — specyfika, regulacje, innowacje (Contemporary retail payments market — specificity, regulations and innovations). Katowice: Publishing House of the Economic University in Katowice.Google Scholar
- Interchange Fee Regulation (IF/MIF Reg), Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions, In: Official Journal of the European Union of 19 May, OJ L 123.Google Scholar
- International Organization for Standardization (ISO). 2007. “ISO 13616–1, Part 1: Structure of the IBAN and ISO 13616–2, Part 2: Role and responsibilities of the Registration Authority”, with later amendments.Google Scholar
- King, B. 2013. Bank 3.0: why banking is no longer somewhere you go, but something you do. Singapore: Marshall Cavendish Business.Google Scholar
- Krueger, M. 2002. E-money regulation in the EU. In Pringle, R., and Robinson, M. (eds), E-Money and Payment Systems Review, London: Central Banking, pp. 239–251.Google Scholar
- London Economics and iff in association with PaySys. (2013). “Study on the impact of Directive 2007/64/EC on payment services in the internal market and on the application of Regulation (EC) NO 924/2009 on cross-border payments in the Community”, February, http://ec.europa.eu/finance/payments/docs/framework/130724_study-impact-psd_en.pdf date accessed 25 June 2015.
- Narodowy Bank Polski (NBP). 2010. Ordinance No. 15/2010 of the President of Narodowy Bank Polski of 15 July 2010 on the method of numbering banks and bank accounts, NBP Official Journal No. 9/2010, item 9.Google Scholar
- Narodowy Bank Polski (NBP). 2015. “Banks in Poland, register of bank codes — FAQs” http://www.nbp.pl/homen.aspx?f=/en/banki_w_polsce/ewidencja/pytania_odpowiedzi_en.html, date accessed 27 May 2015.
- Nooteboom, E. 2014. “Taking the SEPA journey: From fragmentation to EU-wide payments”. Journal of Payments Strategy & Systems, Vol. 8, No. 4, 339–342.Google Scholar
- Payment Account Directive (PAD). Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features. In: Official Journal of the European Union of 28 August, L 257/214.Google Scholar
- Payment Services Directive (PSD). Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC. In: Official Journal of the European Communities of 5 December, OJ L 319.Google Scholar
- Payment Services Directive 2 (PSD2). Version adopted by the European Parliament for a Directive of the European Parliament and the Council on payment services in the internal market and amending Directives 2002/65/EC, 2013/36/EU and 2009/110/EC and repealing Directive 2007/64/EC COM(2013)547, 8 October 2015.Google Scholar
- Polish Act on Payment Services of 19 August 2011. Dz.U. 2011 Nr 100 poz. 1175.Google Scholar
- Polish Financial Supervision Authority (KNF). 2015. Register of Payment Institutions. Quarterly Information, www.knf.gov.pl, date accessed 27 June 2015.
- Polski Komitet Normalizacyjny (PKN, Polish Standardisation Committee), Polish Norm PN-F-01102 on IBAN, Bankowość i pokrewne usługi finansowe. Numer rachunku bankowego (NRB). Elementy i zasady tworzenia. December 2012.Google Scholar
- PricewaterhouseCoopers (PwC). 2014. “Economic analysis of SEPA, benefits and opportunities ready to be unlocked by stakeholders”, Report, 16 January.Google Scholar
- Salmony, M. 2014. “The concept of an open standard interface for Controlled Access to Payment Services (CAPS). A commentary: Access to accounts — why banks should embrace an open future”. EPC Newsletter, Issue 21, January.Google Scholar
- Santamaria, J. 2014. “The emergence of new payment service providers and their impact on the regulatory and market environment”. Journal of Payments Strategy & Systems, Vol. 8, No. 4, 407–414.Google Scholar
- SEPA end-date Regulation. Regulation (EU) No. 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No. 924/2009. OJ L 94.Google Scholar
- Settlement Finality Directive (SFD). Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims. In: Official Journal of the European Communities of 10 June, OJ L 146.Google Scholar
- Skinner, C. 2014. Digital bank: Strategies to launch or become a digital bank, Singapore: Marshall Cavendish Business.Google Scholar
- SWIFT. 2015. “SWIFT Directories Factsheet” http://www.swift.com/solutions/factsheet_downloads/SWIFT_Directories_factsheet.pdf, date accessed 25 June 2015.
- VVA Europe. 2015. “Study on the impact of Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions”. Presentation, Payment Systems Expert Group meeting at the European Commission, 28 April 2015.Google Scholar
- Tirole, J. 2014. “Market failures and public policy”, Nobel Prize Lecture, Stockholm University, 8 December.Google Scholar