Authentication – Payer! Reveal Thyself
Authentication – Payer! Reveal Thyself
EPC releases results of latest consultations for e-mandate today: what does this mean for authentication and your online business?
Earlier today, 5 April 2016, the European Payments Council (EPC) announced the launch of the Single Euro Payments Area (SEPA) Credit Transfer and SEPA Direct Debit rulebook consultations that ended in late 2015.
Stakeholders wishing to give feedback or comment on the evolution of the three existing SEPA scheme rulebooks, the SEPA Credit Transfer (SCT) scheme, the SEPA Direct Debit Core (SDD Core) scheme and the SDD Business-to-Business (SDD B2B) scheme consultations now have until 4 July 2016 to submit them to the EPC.
In November 2016 the EPC will publish the updated rulebooks and implementation guidelines that reflect these changes before entering into effect in November 2017 (one year later) so that scheme participants have enough time to implement the necessary changes in their systems.
What should I know about the EPC documents released today?
The documents released by the EPC earlier today include several important suggestions and recommendations. For instance, the Euro Retail Payments Board advised the EPC to make EPC Customer-to-Bank (C2B) Implementation Guidelines mandatory. A number of proposals from payment service users relate to the extension of structured and unstructured remittance information and suggest, for example, that the final implementation format is designed to combine these two types of data. The EPC itself suggested making additional information available outside of the SCT/SDD message in the “cloud”.
Why is this important?
The SCT and SDD Schemes stipulate that before a creditor (biller) collects funds from a debtor’s (payer’s) account, the consent of the account owner (including authentication of his identity) and certain necessary transaction details must be obtained. Before the explosion of online banking and e-commerce, this could easily be done at the point of sale. But as customers increasingly rely on the internet to make online payments, the need and importance of an effective electronic mandate solution is gaining interest.
Do I need to do anything now?
If you are concerned about the impact of the e-mandate on your business or interested in learning more, please contact us. We can provide you with expert advice on whether the e-mandate is something for you, how it might benefit your business and provide more information about responding to the EPC before the 4 July 2016 deadline.
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