On 15 March 2024, the Council of the EU published the updated text of the proposed Regulation amending the Single Euro Payments Area Regulation, the Cross-Border Payments Regulation, the Settlement Finality Directive and the Second Payment Services Directive as regards instant credit transfers in euro. On 26 February 2024, the Council of the EU issued … Continue Reading
On 5 March 2024, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a: ECON voted to adopt the draft reports in February 2024. The European Parliament is expected to vote on both texts during the first plenary session in April, to be held on 10 and 11 April 2024. This will close the … Continue Reading
On 26 February 2024, the Council of the EU issued a press release stating that it had adopted a proposed Regulation which will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries. The proposed Regulation amends Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC … Continue Reading
On 22 February 2024, the Council of the EU published an ‘I/A’ item note concerning the draft Regulation amending Regulations (EU) No260/2012 and (EU) 2021/1230, and Directives 98/26/EC and (EU) 2015/2366, as regards instant credit transfers in euro. The note mentions that on 7 February 2024 the European Parliament adopted its position at first reading … Continue Reading
On 14 February 2024, the European Parliament’s Economic and Monetary Affairs Committee issued a press release stating that it had adopted draft reports concerning the draft Directive on payment services and electronic money services in the internal market and the draft Regulation on payment services in the internal market. These pieces of draft EU legislation … Continue Reading
On 7 December 2023, the European Payments Council (EPC) published its yearly update of ‘Payment Threats and Fraud Trends Report’. The report provides an overview of the most important threats and other ‘fraud enablers’ in the payments landscape including social engineering, malware, botnets, and distribution denial of service. For each threat, an analysis is made … Continue Reading
On 27 October 2023, there was published in the Official Journal of the EU (OJ) Guideline (EU) 2023/2415 of the European Central Bank of 7 September 2023 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system. Guideline (EU) 2023/2415 amends Guideline (EU) 2022/912 (ECB/2022/8). The amendments: On 16 November … Continue Reading
On 16 November 2023, the European Parliament’s Committee on Economic and Monetary Affairs published a draft report (dated 13 November 2023) on the proposal for a directive of the European Parliament and of the Council on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC. … Continue Reading
On 16 November 2023, the European Parliament’s Committee on Economic and Monetary Affairs published a draft report (dated 13 November 2023) on the proposal for a regulation of the European Parliament and of the Council on payment services in the internal market and amending Regulation (EU) No 1093/2010. The rapporteur is Marek Belka MEP.… Continue Reading
On 11 November 2023, the Council of the EU announced that it had reached a provisional political agreement with the European Parliament on the instant payments proposal, which will improve the availability of instant payment options in euro to consumers and businesses in the EU and EEA countries. The initiative comes in the context of … Continue Reading
On 18 October 2023, the Bank for International Settlement’s Committee on Payments and Market Infrastructures (CPMI) published an interim report to the G20 on linking faster payment systems (FPS) across borders: considerations for governance and oversight. Interlinking arrangements among fast payment systems (FPS) are one of the most promising solutions for enhancing cross-border payments, offering … Continue Reading
On 17 October 2023, the Bank for International Settlement’s Committee on Payments and Market Infrastructures (CPMI) published a report to the G20 on harmonised ISO 20022 data requirements for enhancing cross-border payments. The increased adoption of ISO 20022 by payment systems around the world is a major opportunity to improve their interoperability. But this opportunity … Continue Reading
On 9 October 2023, the Financial Stability Board (FSB) published its inaugural annual report on key performance indicators (KPIs) for meeting the targets for cross-border payments and a consolidated report on progress under the FSB’s Roadmap for enhancing cross-border payments. The Roadmap was endorsed by the G20 in 2020 and provides a high-level plan designed … Continue Reading
On 25 September 2023, the Financial Stability Board (FSB) published a report: Stocktake of international data standards relevant to cross-border payments. The report looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. Furthermore, the report takes forward one of the priority actions under the G20 Cross-border … Continue Reading
On 4 July 2023, the European Parliament published a report on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230, as regards credit transfers in euro.… Continue Reading
On 28 June 2023, the European Commission (Commission) issued legislative proposals intended to bring payments and the wider financial sector into the digital age. The legislative proposals consist of a proposed: The first two legislative proposals fulfil a commitment in the Commission’s 2020 Retail Payments Strategy and complement the Commission’s proposal from 2022 for a … Continue Reading
On 31 May 2023, the European Payments Council (EPC) published the following publications related to the SEPA Request-to-pay (SRTP) scheme:… Continue Reading
On 12 May 2023, there was published a report from the European Commission to the European Parliament and the Council regarding the application of the Payment Accounts Directive (PAD). The report has been published in response to Article 28 of the PAD which requires the Commission to provide a report on the application of the … Continue Reading
On 23 February 2023, the Financial Stability Board (FSB) published a report on the G20 Roadmap for enhancing cross-border payments (the Roadmap). In October 2022, the FSB published a prioritisation plan and engagement model for taking the Roadmap forward. The plan showed that the Roadmap had reached an inflection point and needed to move to … Continue Reading
On 7 February 2023, the European Central Bank (ECB) published an opinion on a proposal for a Regulation amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards the instant credit transfers in euro. The proposed Regulation is intended to make instant payments in the Euro currency available to citizens and businesses holding a bank … Continue Reading
On 31 January 2023, the European Banking Authority (EBA) issued three new Q&As which together with three existing Q&As clarify the application of strong customer authentication (SCA) to the enrolment of a payment card to a digital wallet and to the initiation of payment transactions with digitised versions of a payment card. They also clarify … Continue Reading
On 11 January 2023, the European Banking Authority (EBA) published a report setting out its finding following a peer review on the authorisation of payment institutions and e-money institutions under the revised Payment Services Directive (PSD2), taking into account the EBA guidelines on authorisation issued in 2017 in support of the Directive. The report notes … Continue Reading
On 8 December 2022, the European Payments Council (EPC) published its annual report on payment threats and fraud trends. The report provides an overview of the most important threats and other “fraud enablers” in the payments landscape, including engineering and phishing, malware, Advanced Persistent Threats, Distributed Denial of Service ((D)DoS), botnets and monetisation channels. For … Continue Reading