SEPA Council to be replaced

EU calls for the creation of a European Retail Payment Board (ERPB) to replace the SEPA council and be more representative of the entire payment industry

Disillusionment with SEPA (Single Euro 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 Area) council and its failure to represent the needs of small/medium businesses and retailers has led to a call for the establishment of a new governing body that will represent powerful banks and the not so powerful guys on the other side of the track.

The draft proposal for this council suggests the following for an all new council:

- Every shareholder group to have a nominated representative
- The European Commission (EC) and the European Central Bank (ECB) to select representatives for chair positions on the council which would continue for 2 years until reselection.
- Central banks of the EU to be associated with the council as observers for 3 years at a time.
- A place for stakeholders could be made for a limited period of time and in a restricted capacity.
- Consensus essential for decision making.
- A report to be formed annually for review

Fairness in the market and the formation of a competitive and inventive marketplace for online payment is the target. It remains to be seen if a good shot is at all possible but here’s hoping for a bulls-eye.