Top priority on the list is the desire to establish an end-date for the migration to the SEPA credit transfer (SCT) and SEPA direct debit (SDD) schemes. In support of the initiative, the European Commission has already organised a public hearing on the issue. Moreover, the European Central Bank has launched a proposition concerning the preferred end-dates, with a migration to SEPA-compliant credit transfers at the end of 2012, followed by direct debits at the end of 2013.
The second ‘resolution’ is focused on the extension of the SEPA project to the creation of a competitive cards market using an interoperable framework based on the ISO 20022 message standard. According to Tumpel-Gugerell, a framework for the processing of card transactions should be developed and the processing infrastructure providers must subsequently develop the rules and standards that are needed in order to establish technical interoperability for card payments. Moreover, the need to adopt a more coordinated approach to global standard-setting bodies, such as the ISO and EMVCo, has also been highlighted.
Closely-related to the second resolution, resolution number three, stipulates the need to end the Visa/MasterCard duopoly in the European cards market through the creation of a third additional European card scheme led by banks.
Tumpel-Gugerells fourth and fifth ‘resolutions’ bring to the forefront the need for more innovation in the online payment markets and a greater focus on security.
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