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 Council jointly

Major bank players, which include Barclays, BNP Paribas, Deutsche Bank and HSBC, who sit on the European Payments 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 crypto-currencies, 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.

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