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Cross-border payments are crucial for the integration of the EU economy, and play an important role in ensuring that citizens and enterprises from all EU Member States enjoy the same rights offered by the single market. Since the introduction of the euro, the EU has launched various initiatives to reduce the cost of cross-border transactions, among them a set of single euro payments area (SEPA) standards, regulations on cross-border payments, and the Payment Services Directives. Nevertheless, cross-border ...

While the overall argument in favour of cheaper cross-border payments across the euro and non-euro Member States appears sensible, this impact assessment could have been stronger in terms of discussing the specifics of the financial infrastructure in non-euro Member States and the shortcomings of the cross-border payments market related to these specifics. A more detailed comparison of options including the economic impacts (particularly as related to SMEs) would have been helpful, as would be a ...

The monthly scrutiny slot at the ECON meeting of 21 November 2017 focued on the Regulatory Technical Standards (RTS) specifying the requirements on strong customer authentication and common and secure communication under PSD2 which the Commission is about to adopt. These RTS have been previously discussed in ECON scrutiny slots and are the most sensitive PSD2 level-2 measure on which the industry has voiced concerns. The end of the session was dedicated to the RTS on separation of payment card schemes ...

The European single market for payments is based on the idea of providing safer and more innovative payment services across the EU. To this end, the European institutions are working on establishing rules and tools to make payment services easier and to foster competition. The aim is to guarantee common standards in all Member States, efficient, faster and diversified types of payment, and consumer protection. The EU has already put several legislative tools in place, has established common criteria ...

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 20 June 2017 on the draft European Banking Authority (EBA) RTS under Regulation (EU) 2015/751 on interchange fees for card-based payment transactions (IFR) . The empowerment for the adoption of the RTS – introduced following an amendment by the European Parliament – is the only empowerment for a level 2 measure under the IFR.

Card-based payments have a growing share of retail payments, as do non-cash payments in both e-commerce and traditional commerce. There are different types of cards, according to their characteristics (debit and credit) and their holders (consumer and commercial). Card schemes are set up as four-party or three-party schemes providing a framework for schemes' fees and rules. Using cards for payments generates costs, which are distributed in the form of fees among the participants in the scheme. Interchange ...

Inadequate consumer protection, especially in the U.S. mortgage market, not only led to considerable consumer detriment but was a major contributor to the global financial crisis. In the EU, mis-selling of financial products has also resulted in significant consumer harm. Considering the significant potential detriment that financial services can cause to individual consumers and to the Single Market, consumer protection policy needs to properly focus on this area. Improved transparency and better ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's Impact Assessment (IA) accompanying its proposal for a Directive of the European Parliament and of the Council on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (COM (2013) 266 final), submitted by the Commission in May 2013. It analyses whether the principal criteria laid down in the Commission’s own Impact ...

The growing electronic payments market is to a large extent fragmented along national borders. The European Commission (EC) held a public consultation to identify ways to complete its integration into a single market. Responses reflect the opposing views of market incumbents and new entrants, and of payment-service providers and merchants.