ECB launches the Euro Retail Payments Board

The newly formed entity, which replaces the Single Euro Payments Area (SEPA) Council, will help foster the development of an integrated, innovative and competitive market for retail payments in EUR in the European Union. The ERPBs work will consist mainly of identifying strategic issues and work priorities (including business practices, requirements and standards) and ensuring they are addressed. It starts its work as the payments sector prepares for the deadline for full migration to SEPA credit transfers and SEPA direct debits in the euro area.

The ERPBs composition and mandate will be broader than those of its predecessor. Seven representatives from the demand side (e.g. consumers, retailers and corporations) and seven from the supply side (banks and payment and e-money institutions) will sit on the Board (compared with five each on the SEPA Council). They will be joined by five representatives from the EUR area national central banks and one representative from the non-euro area EU national central banks (all on a rotating basis). The ERPB is to be chaired by the ECB. The European Commission will join as an observer.

The initiative will not address all issues in the retail payments sector. Further integration efforts are needed in a number of areas, including card payments and innovation.