"Monaco has shown great coordination".
Could you remind us what is the role of the European Payments Council?
The European Payments Council (EPC) was established by the European banking world in 2002. At that time, the European public authorities desired the harmonisation of methods of cashless payment in euro in order to complete the cash changeover. In that way we made a very real contribution to the setting up of SEPA (Single Euro Payments Area), a unique range of methods of payment in euro, common to the ensemble of European countries. The EPC created a European transfer system - SEPA Credit Transfer (SCT), as well as a European direct debit system - SEPA Direct Debit (SDD), including a B2B (Business to Business) version.
We are also an authority for proposals, stances and dialogue with the European Commission ,the European Central Bank, and the others actors, on all questions connected with methods of payment.
Could you give us some examples?
We work on themes connected with cash Europe, such as how to optimise the processing of cash. Or the new usage channels for methods of payment: internet and mobiles. And cards, of course. We have, through the EMV standard (Europay, MasterCard, Visa), strengthened the security of payments thanks to authentication methods embedded in the card chip. This technical standard has been adopted throughout Europe.
To sum up, we try to progress the Europe of methods of payment: old and new methods of payment, new channels. And, with the exception of cheques, we contribute to European integration of all methods of payment.
What about your organisation?
The coordination centre of the EPC has 12 people, in contact with a very large number of banks and banking organisations active in various international working teams. There, we compare the experiences and points of view of more than 300 banking experts in payment, chosen by the banking communities themselves. With 12 years of history behind us, we are now leaning towards a reorganisation in order to perform increasingly better and to adapt to the changing environment.
Is AMAF (Monaco Association of Financial Activities) your contact in Monaco?
It certainly is. AMAF is our preferred contact and we are considering how Monaco and its members can best integrate in the new EPC organisation.
Monaco, like another 33 countries, belongs to SEPA. The Monaco community has worked on the setting up of the system in Monaco, as well as the practical use of SCT and SDD. It has gone particularly well; the information, adaptation and investment efforts have been noteworthy, and have allowed the system to be set up in advance of the 1 August 2014 final deadline.
Is Monaco a good student, then?
Absolutely, and it has shown great coordination. We are hoping for strengthened relations between ourselves and the Monaco financial community. And why not for its membership of the EPC ?
