European Payments Council Drops Investigation into E-Payment Standards

Major bank players, which include Barclays, BNP Paribas, Deutsche Bank and HSBC, who sit on the European Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term Council jointly announced the end of an investigation into new e-payment standards which would have chosen which services would be accepted and rejected in the Euro zone, many of which would have been from companies not sitting on the council.

The investigation began after a complaint was filed with the EPC in 2011. The complaint has since been dismissed because of the EPC declaring they were no longer seeking to change the current rules governing the practice. This will now allow non-banks and those who are banks but do not belong to the EPC to begin offering e-payment services in the Euro zone. The European Council is still watching the market, as non-traditional players like Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, as well as other payment start-ups are eyeing the market in the wake of the credit crisis and the attempted "bail-in" in Cyprus.