European Commission Investigates E-Payment Standardisation Initiative

The European Commission has announced¹ that it is looking into the standardisation process for payments made over the internet that is being led by the European Payments Council ("EPC"). The investigation is another example of the Commission's interest in standardisation and interoperability. The Commission recognises that standard setting can be efficiency enhancing and promote interoperability and competition; however, how standards are set, used or accessed also has the potential to restrict competition, including by restricting the opportunities for non-participants.

What is the background to this?

The EPC is the co-ordination and decision making body for the European banking payments industry². Its membership comprises some of the EU's largest banks. The EPC has been working since 2008³ to develop a Europe-wide standard for online payments, through its self-regulatory project the Single Euro Payments Area ("SEPA") for cards⁴.