Brussels, 3rd April 2014 – Today the Plenary of the European Parliament voted the reports on the proposals for a revised the Payment Services Directive (PSD2) and for a Regulation on interchange fees for card-based payment transactions (IF Regulation). The EACB appreciates the progress made by the European Parliament on these legislative proposals. However, it considers that there are still important matters that need to be further considered by the EU co-legislators. For further information, click on READ MORE.
European co-operative banks are typically retail banks and, as such, payments are a cornerstone of their activity. Referring to the proposed PSD 2, Hervé Guider, EACB General Manager, said. “We believe it is important that our clients have the possibility to use the so called Third Party Payment Service Providers if they want to, but we do need the tools to ensure the security of the funds entrusted to us and to protect their privacy. This is lacking for the moment”. EACB members suggest that the co-legislator considers to follow the opinion of the European Central Bank in this context, which is based on thorough research of a specially appointed Central Bank working group.
Regarding the proposed IF Regulation and the particular proposal to cap interchange fees, the EACB remains of the opinion that there are better ways to improve the integration of the cards market in the EU. The EACB fears that the proposed caps will end up being counterproductive leading to less competition in the cards market, instead of more.
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