Euro Alliance of Payment Schemes Links Debit Networks
Cardholders of European banks will soon be able to use their payment cards for transactions in other European countries just as easily as in their home country according to the new Euro Alliance of Payment Schemes (EAPS). The executives of several national card payment schemes have agreed on principles of cooperation that will enable the creation of a "new alternative for pan-European payments" that will bring significant additional benefits to banks, retailers and cardholders.
The founding EAPS members include the following card payment schemes:The new pan-European payment federation will operate on the basis of a common acceptance mark, allowing European cardholders and retailers to perform card payments and cash withdrawals with national payment cards across Europe’s national boundaries. The first pilots between the founding members will be operational by the end of 2006 and will be successively expanded during the course of 2007.
- "electronic cash” and “Deutsches Geldautomaten-System” , Germany
- “EUFISERV”, European ATM scheme based in Brussels
- “EURO 6000”, Spain
- "LINK”, United Kingdom
- "Multibanco”, Portugal
- “PagoBancomat” and “Bancomat”, Italy
Mr Petter N. Johansen, Managing Director of EUFISERV, agrees that the creation of a new alternative for pan-European card payments will bring benefits to banks and their customers. “EUFISERV is delighted to be working with the other Alliance partners to make it a reality. As the member banks of the Alliance partners extend their reach to each other, this will create opportunities for EUFISERV cardholders to use their cards in many more locations across Europe. This, together with the efficient business principles of the Alliance, will provide banks with a great incentive to add the EUFISERV brand to their portfolio of card products.”
This pan-European solution will make a major contribution to achieving a Single Euro Payments Area (SEPA) as requested by the European Commission and the European Central Bank. The founders of the Euro Alliance of Payment Schemes invite all card schemes committed to the goals and principles of the Single Euro Payments Area to work together within the alliance. Schemes still to choose a specific SEPA implementation strategy can join the alliance or participate in the alliance work as "guests". The first participant with this guest status is Interpay from the Netherlands.
This European Alliance actually has international implications, because the U.K.'s LINK Network has an alliance with the U.S.'s Pulse Network, where Pulse cards can be used on LINK's network, and vice versa. Assuming they continue to allow the pass-through of transactions like they do now, the European network would also be a United State network by extension, and vice versa.
Posted by: Scott M. Stolz | March 18, 2008 at 06:52 PM