European Payments Council publishes SEPA cards standardisation volume

The European Payments Council (EPC) and the Cards Stakeholders Group (CSG), a multi-stakeholder body of which the EPC is part, together with retailers, vendors, processors and card schemes, published version 7.1 of the Single Euro Payments Area (SEPA) Cards Standardisation Volume (the Volume).

The Volume is a key document for the card industry, aimed at achieving a better and functionally richer card services environment, as well as cards standardisation, interoperability, and security in Europe. Created in 2009, it is regularly updated to ensure it is aligned with the evolution of cards technology and regulation.

This latest version extends the scope of the Volume. It includes the following new elements:
Functional and security requirements applicable to card-not-present (also referred to as ‘remote’) payments. These payments are initiated in the context of electronic and mobile commerce, by mail and telephone order. Considering their development, they are for the first time covered in the Volume.

A cards processing framework (new book), which defines business principles and requirements for market access and participation in card payment processing services. The main objective of this framework, which was created following a suggestion by the European Central Bank, is to facilitate an open and transparent market.

Additional requirements and modifications reflecting the CSG’s analysis of the impact of certain provisions of the 2015 European Regulation on interchange fees for card-based payment transactions entering into force in June 2016.

In line with the EPC’s and CSG’s commitment to stakeholders’ involvement, this release of the Volume was subjected to a public consultation earlier in 2015. Requirements published in the previous Volume, 7.0 version, applicable to card-present transactions, and the related implementation timeline, remain unchanged.

Though the conformance with the Volume is not mandatory, it is an essential piece of the cards industry self-regulation.
All interested parties active in the card industry are expected to get ready for market implementation of version 7.1 of the Volume by December 2018.