This week's view from Europe, courtesy of Edith Rigler:
ECB seeks views on tougher internet payment security measures– European Commission, April 2012
In April 2012 the ECB issued recommendations on new standards to increase the security of internet payments in the EU and started a public consultation, to end in June 2012. The recommendations incorporate the work of the European Forum on the Security of Retail Payments (SecuRe Pay), which was set up in 2011 to encourage cooperation between the regulators of European payment service providers which include banks, credit card providers, and card payment schemes. They will be expected to implement the recommendations by July 2014.
Follow-up debate was held on Green Paper on card, internet and mobile payments – European Commission, May 2012
In January 2012, the European Commission had issued a Green Paper on card, internet and mobile payments and started a public consultation. To close the consultation process, the commission had organised a conference on 4 May 2012 in Brussels. The purpose was to discuss the issues raise in the consultation. The conference can be watched via video and conference documentation is available on the Commission website.
Report on innovation in retail payments – Bank of International Settlements, May 2012
This report by the Committee on Payment and Settlement Systems (CPSS) provides an overview of innovative retail payment activities; it also identifies a number of exogenous and endogenous factors that could serve as drivers for retail payment innovations or as barriers to them; finally, it lists a number of issues for central banks concerning their various responsibilities and tasks as catalysts, overseers and/or operators of payment systems.
Visa and MasterCard face battle to stay ahead of payments revolution – The Banker, June 2012
Visa and MasterCard have evolved in recent years both inside and out, developing from bank-owned associations into public companies. Now they are facing external pressures of alternative payment schemes and a payments world that is rapidly moving beyond cards.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
