New standards for one european payments zone

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1 1payments One european zone European Committee for Banking Standards Robert BOURSAULT Chairman of the TC2 New standards for one european payments zone

2 Agenda One european payments zone ECBS and TC2 Improvement of cross border payments process New standards IBAN : International Bank Account Number IPI : International Payment Instruction Key Factor of success

3 ECBS : Organisation One european payments zone Technical Committees Working groups Executive Committee Technical Steering Committee TC1 Plastic cards & related devices TC2 Automated cross border Payments TC4 Security TC6 Electronic services

4 One european payments zone ECBS / TC2 : Publications EBS and IG for Credit Transfers Register of European Account Numbers IBAN - SIG IBAN Internat. Bank Account Number Direct Debits International Payment Instruction (IPI) Europe. Cross Border Credit Transfer BL IPI Standard Implementation Guidelines Use of EDIFACT by the banking industry

5 TC2 and cross border payments One european payments zone The single market challenge Toward «Domestic Cross border payments» How to reduce the processing time, end to end How to ensure lower prices for customers The banking industry response : End to End Straight Through Processing (STP) Ordering bank End to End STP Beneficiary bank

6 Straight Through Processing : STP One european payments zone BoP reporting Ordering bank Credit transfer Interbank Fee BoP reporting Beneficiary bank Use of domestic and pan-european payments systems Automation of interbank fees recovery process (MIF) Balance of payments reporting harmonization: codes and floor limit up to Standards for payment instructions

7 One european payments zone ECSBS/ TC2 : IBAN Country code Check digit BE Payment intruction + IBAN (+ SWIFT) Domestic account number STP (3) (4) (2) Ordering bank Beneficiary bank IBAN (+ SWIFT code) IBAN (+ SWIFT code) (1) Allow the receiving banks to process automatically the payment to the account of the beneficiary Implementation : Janv 2000 => Dec 2001 at the latest Use of IBAN has to be strongly promoted by banks among their customers

8 ECSBS/ TC2 : IPI One european payments zone IPI STP (2) (3) Ordering bank IPI - International Payment Instruction : how to include a standardized payment instruction in the invoice The ordering bank receive informations necessary to issue a STP payment Implementation : from now Beneficiary bank IBAN Swift Invoice + IPI (IBAN, SWIFT Code,...) (1)

9 One european payments zone ECSBS/ TC2 : IPI Ordering / Auftraggeber Account number Kontonummer Name / Name Address / Adresse Beneficiary / Empfänger Name / Name Beneficiary's Bank Bank des Empfängers HERR/FRAU KUNDE BAHNSTRASSE 4 D MUENCHEN Account number Kontonummer FR SOCIETE LUMIERE SA, PARIS AGRIFRPP882 Details of payment Verwendungszweck SWIFT Code IBAN International Payment Instruction Currency / Charges to be paid by Gebühren zu Lasten Signature(s) / Unterschrift(en) No company stamps / Bitte nicht stempeln Date of signature(s) Datum (TTMMJJJJ) Amount Betrag 0 Amount to be paid / zu zahlender Betrag Währung EUR **3421,00 0 = ordering custo mer / Auftraggeber 1 = ben ef iciary / Empfänger 2 = shared / both / Gebührenteilung Herr Kunde Reporting / Meldecode Form Pleas e refer to your bank for instructions. Form Ausfüllhinweise auch zur Meldepflicht, 59 ff. AWV, erhalten Sie bei Ihrer Bank

10 One european payments zone How the banking industry invests to build a «One european payments zone» Investments Process and software adaptations Definition of standards Education and training Communication to customers BoP reporting rules MIF - Multilateral Interbank Fee ABE-LVP Payment system MT103+ IBAN Mid-term costs reduction IPI STP

11 ECBS : Publications One european payments zone IBAN Leaflet IPI Leaflet

12 One european payments zone The banking industry under high pressure Cross-border payments inside Europe still represent less than 1% of domestic payments The banking sector is very active, but : adaptation represents heavy investments as banks have to move from a dual model ( domestic V/S international) to a more complicated approach, adding an enlarged domestic european zone that still has international reporting constraints at the same time banks have been managing euro99, Y2K, euro2002

13 One european payments zone Key Factor of Success remains on the side of the customer. Banks, Associations are committed to promote the use of european payments standards, with the support of ECB, European Commission

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