Roadmap for the Single Euro Payments Area

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1 Roadmap for the Single Euro Payments Area Status and progress Gerard Hartsink Chair - European Payments Council Raad Nederlandse Detailhandel Utrecht, 28 augustus 2009

2 Agenda Expectations ECB, EC and European Parliament EPC Commitment and deliverables EPC Cooperation model Conclusions 2

3 Governing Council ECB (Eurosystem) Sixth progress report, November 2008 Vision: An euro area in which all payments are domestic, where the current differentiation between national and cross-border payments no longer exists Expected deliverables for the Euro area (EU16): Harmonisation SEPA credit transfer available to customers SEPA direct debit available for customers at the latest from Nov Innovation encouragement to deliver an additional debit card scheme encouragement to deliver e-payments and m-payments encouragement to deliver e-invoicing Implementation NCB s will facilitate implementation process 3

4 Objectives European Commission COMMISSION OF THE EUROPEAN OMMUNITIES Objectives Payment Services Directive The EU needs to create a single market for payments Benefits for users and providers Enhanced competition by opening markets Encouraging innovation Increased market transparency Ensuring a level playing field Policy Provisions Standardised rights and obligations for providers and users of payment services in the EU, with a strong emphasis on a high level consumer protection Creation of Payment Institutions Transposition on track Transposition in national laws of EU27 (before November 2009) 4

5 European Parliament Resolution 12 March 2009 Emphasises its continued support for the creation of SEPA, which is subject to effective competition and in which there is no distinction between cross-border and national payments in euro; Calls on the Commission to set a clear, appropriate and binding end-date, which should be no later than 31 December 2012, for migrating to SEPA instruments, after which all payments in euro must be made using the SEPA standards; Calls for increased efforts to find appropriate solutions in the Member States to ensure the continued legal validity of existing direct debit mandates in the SEPA Direct Debit scheme; Calls on Member States to encourage their public administrations to use SEPA instruments as soon as possible and to give them a catalytic role in the migration process; Calls on the Commission to ensure that the migration to SEPA instruments will not result in a more expensive payment system for citizens of the Union; 5

6 EPC Declaration 17th March 2005 We will deliver the two new Pan-Euro Payment Schemes for electronic credit transfer and for direct debits. We will also design a Cards Framework to define a single market for cards. The scheme rulebooks and the cards framework definition will be delivered by end 2005, and the services will be operational by January We know from feedback from our community in the eurozone that by the beginning of 2008 the vast majority of banks will offer these new Pan-Euro services to their customers. We are also convinced that a critical mass of transactions will naturally migrate to these payment instruments by 2010 such that SEPA will be irreversible through the operation of market forces and network effects. SEPA will be delivered by the banking industry in close conjunction with all stakeholder communities (consumers, SMEs, merchants, corporates and government bodies) and supportive public authorities. The community of European banks is strongly committed to this ambitious programme of action, based on self-regulation and a full recognition of the role of market forces and competition. 6

7 Agenda Expectations ECB, EC and European Parliament EPC Commitment and deliverables EPC Cooperation model Conclusions 7

8 Competitive and cooperative space in SEPA (two side market) Competitive Space Cooperative Space Competitive Space Priority Payments Public Administrations Corporates SME s Bank A Credit Transfer Direct Debit Bank B Public Administrations Corporates SME s Merchants Merchants Card POS Transaction Consumers Consumers Card ATM Transaction Cooperative space for Business Rules Cooperative space for Standards 8

9 EPC Design Deliverables Primary Deliverables* Credit Transfer Direct Debit Cards Complimentary Deliverables* Cash E-payments channel for web merchants M-payments channel Innovation by banks New services for customers New network cooperation models (rulebooks and frameworks) New Standards ((ISO20022, EMV) New technology (XML, NFC) New infrastructures *EPC Roadmap December 2004 and EPC Declaration 17 March

10 SEPA Credit Transfer & SEPA Direct Debit Design: three Scheme Rulebooks SEPA Credit Transfer Scheme Rulebook and Implementation Guidelines (approved version 3.2 from February 2009) SEPA Direct Debit Scheme Rulebook and Implementation Guidelines (version 3.3 March 2009) SEPA B2B Direct Debit Scheme Rulebook and Implementation Guidelines (Version 1.2 approved in March 2009) Strict review process for proposals for additional features Public consultation for three Rulebooks: deadline 15 September

11 SEPA Credit Transfer & SEPA Direct Debit Implementation So far over 4350 SEPA Credit Transfer Participants So far only about 3% of the euro credit transfers have been migrated to SCT So far 15 CSM disclosures and a SWIFT disclosure Start of SDD (core and B2B) adherence process from May 2009 Launch of SDD services by banks from November 2009 Reachability of banks for euro direct debit transactions which are available to consumers from November 2010 (Regulation 2560, article 5c) EC consultation on end date (European Parliament: end 2012) 11

12 SEPA for Cards SEPA ambition as regard cards (SEPA Cards Framework) enable European customers to use general purpose cards to make payments and cash withdrawals in euro throughout the SEPA area with the same ease and convenience than they do in their home country, no differences whether they use their card(s) in their home country or somewhere else within SEPA, no general purpose card scheme designed exclusively for use in a single country, as well as no card scheme designed exclusively for cross-border use within SEPA, should exist any longer. 12

13 SEPA Cards SEPA Cards Framework (approved July 2006) Provides a single framework for the payment function of cards for Banks Card schemes Service providers Clarified in 17 Q&A s (Published 11 June 2008) Review of SEPA Cards Framework (in pipeline) ECB: Emergence of at least one additional European Card Scheme New Initiatives: Monnet, EAPS, Payfair 13

14 (SEPA) Cards Standardisation Design Cards Standardisation programme for SEPA (approved December 2006) 4 domains card to terminal terminal to acquirer acquirer to issuer certification process Volume Document with card functions (version 3.0 approved Dec 2008) Version 3.5 will be published for public consultation Focus to adopt global standards: ISO, EMVco, PCI, a.o. Certification (methodology, certification organisation) Implementation Migration to EMV standards from Jan 2008 to end 2010 (Cards, POS, ATM) Exception: The Netherlands More standardisation More technical security Good progress made with roll out from January 2008 with agreed EMV standards 14

15 EMV statistics Cards Slide 15

16 EMV statistics Cards Slide 16

17 EMV statistics POS Slide 17

18 EMV statistics POS Slide 18

19 EMV statistics ATM Slide 19

20 EMV statistics ATM Slide 20

21 (SEPA) Cards Standardisation Stakeholders Forum for Cards Standardisation Cards Stakeholders Group (approved June 2009) Combine the efforts of all stakeholders for the SEPA for Cards objective Contribution to the standardisation with technical expertise Representatives with technical expertise from the different stakeholders in the cards value chain Five representatives of each group of stakeholders: banks, retailers, scheme owners, vendors and operators 21

22 Cash Facts Cash is King! At least 6 out of 7 payment transactions are cash payment transactions EPC two pillar strategy (approved June 2004) Efficiency Agenda (applicable for the euro currencies) Single Euro Cash Area Framework (approved in March 2006) Repositioning Agenda (applicable for all = 12 currencies of the EU27) Best practices for discouraging the use of cash and promoting alternative means of payments 22

23 e-payments and m-payments E-Payment Channel : Way forward (Approved December 2007) A real time on line solution for initiating a SEPA payment, including a payment guarantee, for web merchant Framework with rules and standards for SEPA core payment services Not mandatory but optional for all banks M-Payment Channel: Way forward (Approved December 2007) Use of a mobile to initiate a payment Framework with requirements, standards and best practices for security Cooperation on (global) standards with partners such as GSMA, EMVCo Cooperation Agreement EPC-GSMA (July 2008) Not mandatory but optional for all banks 23

24 EPC-GSMA Cooperation GSMA and European Payment Council announced a co-operation agreement (30 th June 2008) Cross Industry cooperation enable banks to deliver mobile payments services leveraging the mobile operator's infrastructure for the benefits of customers of banks and of MNOs (Mobile Network Operators) Initial focus of co-operation is on Proximity Mobile-Contactless-Payments EPC M-Channel Roadmap (approved March 2009) 24

25 SEPA Implementation Model National implementation organisation and implementation and migration plans Consistency (and dependency) of plans Request of European Parliament for common end date: end 2012 European Commission: SEPA Action Plan EU Forum for National SEPA Committees Commitment all stakeholders National Central Bank and Ministries of Finance Suppliers: Banks and Payment Institutions Buyers: Public Administrations and Customer Associations Communication support Making SEPA a Reality, SEPA for Businesses, SEPA for Public Administrations, etc. Common start date SEPA Credit Transfers from 28 January 2008 (version 3.2 from February 2009) SEPA Cards Framework from January 2008 SEPA Direct Debit version 3.3 (from November 2009) SEPA B2B Direct Debit version 1.2 (from November 2009) 25

26 Agenda Expectations ECB, EC and European Parliament EPC Commitment and deliverables EPC Cooperation model Conclusions 26

27 EPC Governance Framework The EPC Plenary has 74 members with the major players of the payments industry and with a fair representation of the smaller players (represented by banks or associations) More than 4400 banks from 16 Euro countries and non-euro countries in Europe are represented in the EPC Plenary Inclusion of customer stakeholders for the design process in the Customer Stakeholders Forum and in the Stakeholders Forum for cards. So far no representative of public administrations available. Payment Institutions are entitled to become scheme participants of SCT (and SDD) and their representatives will be invited to the EPC Plenary from November

28 Cooperation model of SEPA stakeholders EU Level Consumer Bodies Merchants European Commission European Central Bank European Payments Council Design Monitoring Public Admins Corporate Associations Legal Framework Implementation Plans Monitoring SEPA design and implementation Design Schemes and Frameworks Support for national implementation Stakeholders SEPA Implementation Coordinating Bodies (Communication, national implementation and migration planning) Consumer Bodies National Governments National Central Banks National Banking Associations National Level Communication Implementation Merchants Public Admins Banks Corporate Associations Consumers Merchants Corporates Public Admins 28

29 EPC structure * Decision-making body ** Process decision-making body 29

30 Agenda Expectations ECB, EC and European Parliament EPC Commitment and deliverables EPC Cooperation model Conclusions 30

31 Conclusions SEPA will create a single market for euro payments and enhance competition as asked for by the ECOFIN, the Governing Council of the ECB and the European Parliament SEPA is created via co-regulation for legislation by the public authorities (Payment Services Directive) for business rules and standards by market participants SEPA implementation is taking care of by the SEPA Committees in the 16 Euro countries and the additional 11+3 SEPA countries SEPA payment services and SEPA value added services will create benefits for customers provided that they are prepared to migrate the domestic euro instruments to SEPA instruments European banks have made substantial progress but what about public administrations, corporates, retailers and SME s? 31

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