Annual Report 2004

Competition and
transparency in cashless
payment services
to be stepped up
Harmonization of
national legal provisions
on payment
systems under way in
EU Member States
ESCB promotes implementation
of SEPA
Integration of Payment Services in
Europe and Consolidation of Cash
Distribution Structures in Austria
New European
Structures for Cashless
Payment Services
The OeNBÕs main objectives in the
field of payment services are (1)
cost-efficient provision of effective
services for processing both largevalue
and retail payments, (2) active
cooperationintheestablishmentand
implementation of harmonized standards
for Austrian and European payment
systems, (3) facilitation and collaboration
in national and international
payment systems fora as well
as (4) participation in payment systems-relevant
organizations with a
view to guaranteeing high security
standards and efficient infrastructures.
New Legal Framework
for Payments in the EU to Be
Introduced in 2005
To pave the way for a single payment
area, it is necessary to implement selfregulatory
measures for the banking
community, establish a harmonized
infrastructure as well as lay down a
coherent legal framework. Acknowledging
this need, the European Commission
has started to devise such a
new legal framework for (retail) payments
in Europe. The stated objectives
are:
— to establish an internal market for
cashless payments;
— to promote efficient and safe payment
means and systems;
— to improve consumer protection
and further strengthen public
confidence in cashless payment
means; and
— to guarantee a level playing field.
Reviewing and consolidating the existing
legal provisions thus advances
the efforts of the European banking
industry to create an integrated market
for payments.
The European CommissionÕs initiative
resulted in the release of the
consultative document ANewLegal
Framework for Payments in the Internal
Market in December 2003. Submitting
its fifth revision of this draft directive,
the Commission launched a
final public consultation among the
stakeholders in November 2004.
The directive is scheduled to be finalized
by the European Commission in
mid-2005.
Consumers and businesses in the
EU are set to benefit from a single
payment area offering less costly
and more efficient payment services.
The OeNB welcomes this initiative
and is committed to supporting the
modernization and integration of
AustriaÕs payment systems infrastructure.
OeNB experts closely cooperate
with the competent EU bodies and
contribute to the relevant working
groups at the European level.
Judging from the current and presumably
final draft, the new legal
framework will not pose a challenge
to the OeNBÕs payment systems strategy.
On the contrary, the efforts to
increase competitiveness and transparency
in cashless payment services,
in particular of card-based transactions,
tie in well with the OeNBÕs policy.
The same holds true for the intention
to open up the market to
new payment services providers seeking
authorization as Òpayment institutions.Ó
Initiative for a Single Euro
Payments Area (SEPA)
The Single Euro Payments Area will
enable European citizens to make
cashless payments throughout the
euro area from a single current account,
using a single set of payment
instruments, as easily and safely as
they do in the national context today.
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Annual Report 2004