The European Payments Council (EPC) and the Cards Stakeholders Group released the latest version of the Sepa Cards Standardisation Volume - Book of Requirements for public consultation.
The Sepa Cards Standardisation Volume defines the functional and security standards requirements needed to achieve interoperability based on open and free standards within the Single Euro Payments Area (SEPA) cards market. The EPC and the Cards Stakeholders Group call on industry stakeholders to review the recent revisions and provide feedback by 29 July 2011.
The EPC, representing the European banking industry in relation to payments, carries out a card standardisation programme designed to achieve a consistent customer experience, high levels of security and optimum process efficiency throughout the SEPA cards market. In 2009, the EPC promoted the creation of the Cards Stakeholders Group together with representatives of five sectors also active in the cards domain including retailers, vendors - such as manufacturer of card payment devices and related IT systems - processors, card schemes and banks. The Cards Stakeholders Group develops the SEPA Cards Standardisation Volume. The European Economic and Financial Affairs Council (ECOFIN), which comprises the Finance Ministers of European Union Member States, requested in its conclusions on SEPA in December 2009 that industry sets the conditions for further standardisation in the area of cards.
Version 5.5 of the SEPA Cards Standardisation Volume has recently been updated by the Cards Stakeholders Group and is currently undergoing public consultation. This version includes updates with regard to security requirements, payment with cashback, dynamic currency conversion, mobile contactless payments, payment with aggregated amount and surcharging.
Gerard Hartsink, EPC Chair, comments: "Creating the Cards Stakeholders Group allows pinpointing the expectations of a broad range of payment card stakeholders. It also ensures a strong co-management in the process of identifying standard requirements and implementation best practices that will promote interoperability in the SEPA cards market. Our collective aim is to establish a framework for a better, safer, more cost efficient and richer card services environment, whatever the card product or scheme may be. We call on all stakeholders to engage in this public consultation and provide feedback on these amendments to ensure the most effective transaction technology and processes are adopted, which will ultimately benefit all stakeholders."
The EPC and the Cards Stakeholders Group invite stakeholders to provide feedback to version 5.5 of the SEPA Cards Standardisation Volume by 29 July 2011. Visit the EPC Website for further details and to download the required documentation.