The European Payments Council (EPC) and the Cards Stakeholders Group (CSG) have published an updated version of the single euro payments area (SEPA) cards standardisation volume. This document defines a standard set of requirements to ensure an interoperable and scalable card and terminal infrastructure across the SEPA, based on open international card standards.
Version 6.5 of the SEPA cards standardisation volume is open to a six-week public consultation period to 14 July, where all stakeholders are invited and encouraged to provide their feedback. It is an interim version, with the EPC and CSG planning to release a stable version 7.0 in early 2014, ready for market implementation. The public consultation aims to further the process of identifying common standards requirements, which will promote interoperability and foster competition in the SEPA cards domain.
The EPC acts as the coordination and decision making body of the European banking industry in relation to payments. The CSG, a multi-stakeholder body representing retailers, vendors, processors, card schemes and the EPC, develops and maintains the SEPA cards standardisation volume.
EPC chair Javier Santamaría, commented: “Continuation of the CSG’s self-regulatory role and the effective implementation of the harmonised SEPA cards standardisation requirements contained in the cards standardisation volume is the most appropriate and efficient way to achieve further integration of the European cards market.”