Visa Europe and SEPA
The structure of the European payments market is changing.
Europe's banks have traditionally operated a patchwork of distinct national payment infrastructures. However, it is universally accepted that everyone – banks, retailers and cardholders – would benefit from a more open and consistent European payments market.
Having outlined its vision of an internal market for payments, the European Commission has proposed a new legal framework for payments, under the title ‘Payment Services Directive’. This is currently being adopted by the European Parliament and the Council.
Two further developments are helping transform this vision into a reality:
- The European Central Bank has called upon Europe’s banks to create a Single Euro Payments Area (SEPA)
- The financial services industry has created the European Payments Council to agree on a common response, which has already finalised the SEPA Cards Framework
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