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2012 update: Regulation on cross-border payments, "multilateral interchange fees" (EU Regulation 260/2012) July 2013: report on implementation of PSD and its two updates [ 9 ] 16 November 2015: The Council of the European Union passes PSD2, giving member states two years to incorporate the directive into their national laws and regulations.
The rules were introduced to tackle VAT fraud by requiring all payment service providers (PSPs) as defined under the EU Payment Services Directive (PSD2) to report on cross-border payments which originate in the EU. To separate business payments from personal transfers, PSPs are only required to report on payments where they know that the ...
The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros.As of 2020, there were 36 members in SEPA, [2] consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and the United Kingdom.
The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency.
IPF creates rules, processes, and inter-member agreements that allow IPF's members to minimize the cost of cross-border payments. [3] Its members include the United States Federal Reserve [4] and other central banks, as well as other payments industry entities such as financial institutions and ACH operators. [5] [6]
As of 2018 the system worked within the Russian Federation [5] though there were plans to integrate the network with the China-based Cross-Border Inter-Bank Payments System. [6] The Russian Government was also in talks to expand SPFS to developing countries such as Turkey and Iran. [8]
Since 2009 the European Union Regulation No 924/2009 [2] [3] controls cross-border payments in the European Union. In the new regulation Article 1 (q.v., Ref.4) states that an IBAN/BIC transfer within Single Euro Payments Area (SEPA) must not cost more than a national transfer, no matter which currency is used. The receiving bank can charge for ...
The Single Resolution Board is directly responsible for the resolution of significant banks under ECB supervision, as well as other cross border groups, while national authorities will take the lead in smaller banks. [9] Like the SSM, the SRM Regulation will cover all banks in the eurozone, with other states eligible to join. [9]