The European Central Bank (ECB) has created the Euro Retail Payments Board (ERPB) to replace the Single Euro Payments Area (SEPA) Council.
According to the ECB, the aim of the ERPB is to “help foster the development of an integrated, innovative and competitive market for retail payments in euro in the European Union”.
The ERPB’s composition and mandate will be broader than those of its predecessor. Seven representatives from the demand side (for example, consumers, retailers and corporates) and seven from the supply side (banks and payment and e-money institutions) will sit on the board compared with five each who sat on the SEPA Council.
Five representatives from the euro-area national central banks will also sit on the board along with one representative from the non-euro area EU national central banks. All the central bank representatives will sit on a rotating basis.
The ECB will chair the ERPB and the Europe Commission is invited to join the board as an observer.
“Retail payments are the backbone of the real economy,” said Benoît Coeuré, member of the ECB’s executive board. “The integration of the European retail payments market is a natural consequence of the monetary union. It facilitates everyday life for European citizens and also trade, financial integration and market competitiveness in the European Union.”
The ERPB will identify strategic issues and work priorities (including business practices, requirements and standards) and ensure that they are addressed. It starts its work as the payments sector prepares for the deadline for full migration to SEPA credit transfers and SEPA direct debits in the euro area.
Sally Percy is editor of The Treasurer