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Single Euro Payments Area (SEPA): Self-Regulation Under Competition Scrutiny ARTICLES

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Single Euro Payments Area (SEPA): Self-Regulation Under Competition Scrutiny ARTICLES Competition Policy Newsletter Single Euro Payments Area (SEPA): Self-regulation under competition scrutiny ARTICLES Jean Allix, Dominique Forest, Dovile Vaigauskaite In the current situation retail banking remains an im- gains are also to be expected from the integration portant sub-sector of the banking industry: the crisis of the payment infrastructures. has shown that solid and sound retail business allows SEPA is set up and implemented by the European banks to weather the present difficult circumstances Payments Council (EPC), an association of banks much better. Payments are a particularly important and banking associations representing the European business segment for banks. They ensure a recurrent banking industry. (4) The SEPA schemes developed revenue flow, which in the current market circum- by the EPC for credit, direct debit and payment card stances is vital. Payments are also vital for consumers transactions in euros lay down sets of interbank and corporate clients, and investment in their effi- rules and standards that have to be observed when ciency and security can be used as a good custom- executing “SEPA compliant” payment transactions. er-winning tool. Efficient and secure payments can The schemes provide a common understanding be- facilitate an increase in trade and consumer spend- tween banks and payment services providers on how ing, as well as help to bring down systemic risk in to move funds from one account to another within the financial markets. Non-cash payments are the the SEPA area. The EPC is responsible for the de- main growth drivers for retail banking: according to velopment and maintenance of the SEPA payment a Capgemini report, the total number of non-cash schemes as defined in the Rulebooks published by payments in the EU grew by 6% per year in the peri- the EPC itself. od 2001-2006, (1) with a rate of 11% for cards alone. It is estimated that card usage will continue growing Although SEPA is a self-regulatory project of the rapidly in the future, with the increasing number of European banking industry, its legal framework is to merchants accepting payment cards together with a large extent predetermined by two important pieces the increasing availability of different card products. of Community legislation: the Payment Services Di- By 2013, in Italy, Sweden and Denmark for exam- rective, or “PSD” (Directive 2007/64/EC (5)) aims to ple, payments made by cards will constitute just over establish a modern and comprehensive set of rules 60% of all non-cash transactions. In France, Spain, applicable to all payment services in the European Belgium, the Netherlands, Portugal, UK and Poland Union and to improve competition by opening up this will amount to 40-50% and in Germany and payment markets to new entrants, so-called payment Austria to approximately 20%. (2) services providers. Regulation (EC) No 2560/2001 on cross-border payments in euro (6) eliminates the difference in price between cross-border and nation- SEPA — a self-regulatory initiative of the al payments, thereby creating a “domestic payment European banking industry area” for euro payments in the EU. SEPA is strongly supported by the ECB and the The Single Euro Payments Area (SEPA), set up by Commission. SEPA will make a significant contri- the European banking industry and supported by bution to the Lisbon agenda: it will improve the ef- the European institutions, is probably the most am- ficiency of EU payment markets and stimulate in- bitious project aimed at creating a truly European novation, thereby increasing the competitiveness of payments market since the introduction of the euro. the European economy. In the public sector, SEPA Its objective is the creation of an area of efficient could be used as a platform to drive e-government, non-cash payments in euros covering 31 countries. (3) thus contributing to the efficient delivery of public Once implemented, SEPA will result in an integrat- services. ed euro payments area, ensuring that cross-border payments become as easy and efficient as domestic However, in order to reach its goals and effective- payments. For the time being SEPA covers credit ly deliver the envisaged benefits to businesses and transfers, payment cards and direct debit, and is ex- consumers, SEPA needs to be implemented in ac- pected to enhance competition by removing nation- cordance with competition rules and the existing al barriers, thus increasing competition. Efficiency Community framework for payment services. Since (1) World Payments Report 2008, Capgemini, p. 5. (4) At the end of 2008, the EPC had 74 members, either indi- (2) Ibid., p. 23. vidual banks or banking associations. (3) The 27 Member States of the European Union plus Swit- (5) OJ L 319, 5.12.2007, p. 1. zerland, Norway, Iceland and Liechtenstein. (6) OJ L 344, 28.12.2001, p. 13. Number 1 — 2009 37 Articles SEPA is based on decisions of and agreements be- terms of licensing and pricing between domestic tween undertakings that are (potential) competitors, and cross-border transactions, and technical inter- it merits close competition scrutiny. Also, decisions operability. Thus a scheme may only have acquiring taken by the association of banks have an impor- banks in one or a number of Member States but tant impact on users. A payment concerns not only can still be SCF compliant. Such a decision — i.e. a (contractual) relationship between banks but also whether to be active in only one or a number of a (contractual) relationship between two users, the Member States — should be based on an individual payer and the payee, and their respective banks. The business case analysis by the respective banks: if a rules decided by the association of undertakings merchant located within SEPA wants to accept a directly affect these users, which is another reason card from the scheme, and acquirers are willing to for the competition authorities to be interested. offer the merchant such a service, then they must be allowed to do so. An obligation for a scheme to In an informal but detailed analysis, experts from cover the whole of the SEPA territory in order to DG COMP and national competition authorities be SCF compliant might have caused banks and na- (NCAs) jointly identified competition concerns and tional banking associations to abandon cheap and raised a number of questions with regard to the im- efficient national systems (e.g. Bancontact/Mister plementation of SEPA. In view of the exceptional Cash in Belgium) for one of the currently only two character of the project and its important potential (more expensive) existing international schemes, i.e. consequences for European companies and con- Maestro or V-Pay (for debit cards) and MasterCard sumers it was decided to address these concerns in or Visa (for credit cards). On the basis of this clari- an informal dialogue with the EPC which started fication by the EPC, the geographic coverage will be in October 2007. Given their close interest and in- decided by market forces alone, meaning that new volvement in the SEPA project, the European Cen- schemes stand a real chance of entering the mar- tral Bank and DG Internal Market were involved ket. This in turn will encourage the creation of a closely in the dialogue. competitive SEPA-wide payment cards market. As a result, there are to the Commission’s knowledge The dialogue between the EPC and the currently three projects aimed at creating new pan- European Commission European card schemes. SEPA Cards Framework Intensive discussions also took place during meet- Whereas for credit and direct debit transfers the ings running from May until June 2008, with a EPC has set up two brand new pan-European number of subsequent meetings following up. The schemes, in the field of cards its choice has been dialogue is still ongoing in 2009, but can already be to establish rules allowing different schemes to be hailed as a success since the EPC was able to pro- competitors but technically compatible and inter- vide satisfactory clarifications on a number of the operable. For example, any card terminal should competition issues identified. For instance, the EPC be able to read all SEPA compliant cards. The first clarified that national banking communities were milestone in the dialogue was reached in Decem- not in a position to foreclose their market through ber 2007 concerning the interpretation of the SEPA national specifications (the so-called “Additional Cards Framework (SCF). The dialogue in particular Options Services”). Rules and conditions governing addressed the interpretation of the concept of “SCF access to schemes by payment institutions and equal compliance”, which was a priority for banks as they treatment for payment institutions and banks under had to start making their card payments “SCF com- the SCF were also clarified. pliant” by 1 January 2008. As a result of the dialogue, the SCF was clarified by the EPC, most importantly by explaining that SCF Conclusion compliant card schemes do not need to cover all 31 states of the SEPA territory. (7) The only require- The dialogue with the EPC on SEPA brought sub- ment for a scheme to be compliant with the SCF stantial clarifications to market players and other is that it must operate in such a way that there are stakeholders in 2008, and is still on track in 2009. no barriers to effective competition between issuers, The momentum created in the earlier stages of the acquirers and processors; for instance, there should dialogue should help to tackle the remaining ob- be a pan-European licence, no discrimination in stacles to the achievement of a truly competitive European payment cards market. Enhancing and (7) The EPC published Questions and Answers clarifying key aspects of compliance with the SCF on 26 June 2008.
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