Visa Europe says all its products will be compliant with the Sepa Cards Framework (SCF) principles by 1 January 2007, a year ahead of the implementation deadline of the Single European Payments Area.
During the course of 2006, Visa will make the final changes to implement a single pricing structure for all intra-Sepa transactions and freedom of choice of the processing system for all Visa transactions.
Peter Ayliffe, president and CEO of Visa Europe, says: "Contributing to the creation of a well-functioning European payments market is one of our top priorities. We have an important responsibility - towards our member banks, as well as their customers.
"Board ratification follows a rigorous internal audit of the current processes and documentation of the changes that will be necessary for all Visa Europe products to become SCF compliant. With the full implementation of all Sepa principles, Visa Europe has once more demonstrated its commitment to this key European objective."