Press Release: Payment systems: Commission pledges to use full powers to create a single payment area

The European Commission pledged to use its full powers to ensure that banks take the necessary action to create a single payments area at a Round Table on 'Establishing a Single Payment Area: State of Play and Next Steps' in Brussels on 9.11.00. Representatives of the banking and payments industry discussed with the Commission, the European Parliament, European Central Bank, consumers and retailers technical innovations to improve the speed of automatic cross-border credit transfers and how best to direct future developments in credit card, internet, mobile phone and online banking. In terms of traditional payment systems, the costs of cross-border transfers are still too high, though the situation is improving. The Commission nonetheless warned the banking industry that it was monitoring progress closely and would publish a study in 2001 on the implementation of the Cross-Border Credit Transfer Directive (97/5/EC). This will be the basis for considering a series of new proposals in the autumn of 2001 to improve traditional payments systems. In conjunction with the Round Table, the Commission opened a website designed as an information point and a forum for public concerns with payment systems. Commission policymakers are increasingly concerned to ensure that legislation keeps up with developments in the field of electronic payments. A study is in progress and as of 2001, the Commission will start analysing its findings with a view to further proposals in this area. The Commission is already committed to the publication of a Green Paper on E-Commerce and Financial Services, which will pay particular attention to Internet payments

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