
EC U-turn on Sepa direct debits
Daily news headlines
BRUSSELS & FRANKFURT – The European Commission (EC) and European Central Bank (ECB) are calling on banks to accelerate plans for crossborder direct debit schemes, whether or not interchange fees are charged for the payments.
The EC’s move may be viewed as a reaction to the banking sector’s sluggish implementation of harmonised crossborder payments within the Single Euro Payments Area (Sepa), under the delayed Payment Services Directive (PSD).
The EC and ECB said in a September 4 joint statement that they have indicated to the European Payments Council (EPC) that they were prepared to support multilateral interchange charges, provided fees are “objectively justified and transitional”.
“A European solution has to be found by the banks which is also agreeable to the competition authorities,” said Gertrude Tumpel-Gugerell, Frankfurt-based ECB executive board member. “But Sepa direct debits have to be rolled out in a little more than one-year from now.”
“In this respect, the idea of maintaining at national level the same interchange fee for national legacy and Sepa schemes during a limited transitional phase should facilitate the rolling out of the Sepa direct debit scheme,” said Tumpel-Gugerell. “This would also ensure the necessary level playing-field in the national context for the Sepa direct debit scheme and the national legacy direct debit schemes.”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Basel’s IRRBB shock scenario update hit by US crisis
Recalibration of shocks had been touted for Q3, but wider rethink may now cause delay
HKMA launches consultation on green taxonomy
Regulator could use proposal to assess progress of banks towards climate goals
After SVB downfall, EBA stress test seeks out unrealised losses
European regulator asks for data on the fair value and sensitivity of bonds and their hedges
EU banks fear Brexit battle over FRTB internal models
Bank of England approach looks easier, but that may not make much difference to model uptake
Europe’s new IRRBB test: the riddle with no answer
A proposed compromise on net interest income test is not scientific, but exact calibration may be impossible
Eurex clearing chief calls for active account carve-outs
Isda AGM: Müller says EU clearing thresholds should exempt market-making and US client trades
The regulator that troubleshoots first, asks questions later
Canada’s bank watchdog aims to intervene early to tackle burgeoning risks, even at the expense of “perfect” regulatory decisions
Banks dispute EBA’s new threshold for IRRBB test
Banks say new proposal for identifying outliers on net interest income is still too severe