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 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:
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– 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.