Wednesday 27th January, 2016

The SEPA Cards Standardisation Volume (7.1), is now equipped to face up to the challenge of remote payments.

To ensure a better, safer, more cost efficient and functionally convienient environment within SEPA, the European Payments Council (EPC) has recently released a new SEPA Cards Standardisation Volume.

The Volume, owned by the EPC and maintained by the Cards Stakeholders Group (CSG - made up of retailers, vendors, processors, card schemes and the EPC) is regularly updated to ensure it's up to date with the latest technology and regulation.

For the first time functional and security requirements applicable to card-not-present payments have been taken into account. These payments are not only initiated in the context of electronic and mobile commerce, but also by mail and telephone order.

Security guidelines are also included for devices used to conduct remote payments.

The Volume covers a cards processing framework, which defines business principles and requirements for market access and participation in card payment processing services (for authorisation, clearing and settlement processes).

It analysed the impact on the 2015 European Regulation on interchange fees. Additional requirements and modifications were included in the Volume to reflect this.

All stakeholders active in the SEPA cards domain are encouraged to roll out services and products in line with the Volume by December 2018.