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CLEARIT 45; September 2010 the Swiss Professional Journal for Payment Traffic Open Document

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CLEARIT 45; September 2010 the Swiss Professional Journal for Payment Traffic Open Document CLEARIT The Swiss professional journal for payment traffic Edition 45 | September 2010 > Edging out cash due to state-of-the-art card infrastructure Interview with Visa Europe’s Jörg Metzelaers > The future of SEPA direct debit is now > Cover payments in euro via SWIFT 2 INHALT / CLEARIT | September 2010 Interview Page 4 Products & Services Page 14 Europe leads the way in providing the The future of SEPA direct debit is now state-of-the-art card infrastructure At the end of 2009, SIX Group launched its SEPA Direct All card business service providers compete with one Debit Service for the European market. Thus far, banks another, from the institutions as issuers and the card or- from Switzerland, Luxembourg, Monaco, Germany and ganizations, to the acquirers and payment processors, to Spain have become users of the offering, which enables the payment service providers and merchants. The card to collect pan-European standardized SEPA direct debits. industry as a whole also has a powerful common competi- The growth potential is considerable. tor: cash. Jörg Metzelaers from Visa Europe is upbeat over a constructive cooperation between the parties involved Products & Services Page 15 and sees a great deal of growth potential still existing in Cover payments in euro via SWIFT cashless payment transactions. As of November 22, 2010, the Swiss payment system euroSIC will be able to process the message type MT202COV. Compliance Page 10 Two years ago, at its launch by SWIFT, the Swiss financial MIF – The EU Commission’s perspective center voiced opposition to the introduction. But demand Following the European Commission’s retail banking from the financial institutions has caused reconsideration. sector inquiry published in early 2007, the Commission has conducted a number of high-priority investigations in the payments sector. The timeliness of such actions was underlined by the banking industry's self-regulatory SEPA project, which is aimed at creating an integrated payments market. Business & Partners Page 11 Economies of scale in the card business The propagation of payment cards has been conquering the world for the last 60 years thanks to their various usage possibilities, flexibility and convenience. In Switzerland alone, more than 600 million transactions are generated at 150,000 acceptance points by more than 10 million cards. The annual industry growth rate is higher than 8%. Editorial / CLEARIT | September 2010 3 Dear readers, Nothing can stop the explosive surge of plastic money – card at every possible opportunity. But then again, I’m not not a financial crisis, a recession, or burst bubbles. your average Swiss as far as my payment behavior is Transaction volumes keep growing relentlessly for all types concerned. And that’s why I would be very surprised, of cards: credit and debit cards, merchant, prepaid, co- indeed, if during my lifetime plastic would overtake coins branding and affinity cards. At first glance, the market and paper money. < potential is enormous. But, “Cash is king”, meaning that cash payments are still the predominate means of settling Michael Montoya, UBS AG retail transactions. Last year, there was a 50 million CHF SIX Interbank Clearing Board of Directors Member turnover from card payments, which amounts to slightly less than 20% of the entire purchase volume. Which strategy promises the most growth potential? What role do the financial institutions play in their efforts to replace cash with electronic payments? Read the answers to these questions from the perspective of the credit card industry, represented here by the head of Visa Switzerland. Although it is obvious that cards have become an integral part of everyday life, the coordination of all parties involved in a payment card system is based on a number of supremely complex processes. By introducing the reader to business models in acquiring and issuing cards, efforts in card fraud protection and the economy of the interbank fees, this issue of CLEARIT will demonstrate that this business is far more multi-faceted than the simplicity of the payment process might lead to believe. The entire situation gets more complex when we take a closer look at international standards and regulators, like the PCI reg- ulations, for instance, which define data security standards and are supported by all important credit card organiza- tions. Or take the EU Commission which, for reasons of competition, watches vigilantly to make sure that there is no possible price-fixing for the multilateral interchange fees for cross-border payments within the SEPA. Over the past few years, these interbank fees have also attracted the attention of the international antitrust authorities. Thus, the Swiss Competition Commission (COMCO) felt compelled to set a maximum amount per transaction. Mr. and Mrs. Swiss own an average of approximately CHF 5,000 in cash at the end of each year. Just as a result of Christmas shopping alone, you wouldn’t find that much in my wallet, aside from the fact that I prefer to use my 4 INHALTInterv ie/ CLEARw / CLEARIT | SeptemberIT | DSeptemberezember 2010 2009 2010 Europe leads the way in providing the state-of-the-art card infrastructure All card business service providers compete with one another, from the institutions as issuers and the card organizations, to the acquirers and payment processors, to the payment service providers and merchants. The card industry as a whole also has a powerful common competitor: cash. Jörg Metzelaers from Visa Europe is upbeat over a constructive cooperation between the parties involved and sees a great deal of growth potential still existing in cashless payment transactions. CLEARIT: How is your V PAY debit card developing in Eu- meet the requirements of the former EC countries. Visa debit rope, particularly in Switzerland? What strategy is Visa cards are particularly issued in the countries in which Visa is pursuing in the debit card sector? What are the banks’ inter- known as a credit and debit brand. Why this focusing with ests? V PAY on Europe? In the V PAY target markets, which also Jörg Metzelaers: We are very well represented with our debit include Switzerland, customers use their debit cards 90% products, Visa Debit and Vise Electron, in most European of the time domestically to purchase goods at the POS, and countries, including France, the UK, Spain, Portugal and also the remaining transactions are predominantly conducted in Eastern Europe. However, in the former EC countries, such within Europe. Transactions outside Europe comprise only as Germany, Austria, Italy, Benelux and Switzerland, we have a very small portion and for such trips we recommend never managed to gain market share. Based on the feedback that customer use a Visa credit card due to the excellent from many banks, we determined relatively quickly that we worldwide acceptance. In this sense, V PAY fits within the needed a product that matches these markets better, which landscape very well: purchasing of goods and cash with- is better adapted to the respective infrastructure. As a result, drawals throughout Europe – cash withdrawals worldwide. several years ago we developed a concept for a new debit But, and this is very important for customers: V PAY is con- product that is specially adapted to meet the needs of these sistently based on chip & PIN technology, the most secure former EC countries. In terms of strategy, this essentially standard available today. The risk of fraud associated with means three things: There was the clear wish expressed magnetic stripe solutions is thereby minimized. We simply to have a separate brand with V PAY, since the Visa brand eliminated the weakest link in the chain from the product, is associated with credit card products in these countries. the magnetic stripe. Customer surveys conducted in the V Secondly, it was also very important that the new product PAY target markets also support this: When it comes to debit be based on the EMV standard, in order to combat the cards, security far exceeds worldwide acceptance in impor- growing threat of fraud. And third, one issue grew increas- tance, and customers who frequently travel internationally, ingly important: governance. Visa Europe is an organization have confirmed to us that while abroad they would prefer to of European member banks just for Europe, while Visa Inc. pay using their credit card at the POS. is active outside Europe. This split was completed back in 2007. We also set up an internal steering committee for V Regarding magnetic stripes: When will they be a thing of the PAY. This makes V PAY a product of the European banks past and what are the conditions for their discontinuation for the European banks that is completely controlled by the from the perspective of the card industry? European banks. In Europe we now have nearly complete EMV acceptance penetration at all POS terminals and ATMs. This makes Europe the world leader and I would venture to say that it “Chip & PIN technology, the most secure will be the first region in the world to complete the conver- standard available today.” sion to an EMV infrastructure in the next year or two. As long as this modern infrastructure is not comprehensive through- out the rest of the world, cards will continue to be equipped What is the difference between Visa and V PAY? with magnetic stripes. There are essentially two differences. V PAY is purely chip & PIN based, designed for the EMV standard, and it is also What does the time line look like for an all-encompassing a purely European product that was specially developed to EMV infrastructure elsewhere? InterEditovrialiew / CLEARIT | September 2010 5 Short biography Jörg Metzelaers has held the position of Vice President Jörg Metzelaers has gathered comprehensive expe- Relationship Management for Switzerland, Austria and rience in the financial sector.
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