Competition And Regulation In European Retail Payment Systems
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Competition And Regulation In European Retail Payment Systems
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Author : Kari Kemppainen
language : en
Publisher:
Release Date : 2015
Competition And Regulation In European Retail Payment Systems written by Kari Kemppainen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
In this study, the interaction between the competition-cooperation nexus and regulation in retail payment systems is analysed by applying the main lessons from the theory of network industries. This is justifiable on the grounds that the payment systems industry inherently has many characteristics in common with network industries. On the other hand, since the provision of payment services also has many special characteristics, the regulatory tools commonly used in many other network industries cannot be applied directly. In general, the main role of payment system regulators is to provide a level playing field for different service providers. To secure dynamic efficiency, the regulators also need to ensure adequate incentives for innovation and investment. In this respect, it is important that they do not take too restrictive an attitude towards cooperation among payment service providers. In addition to general policy analysis, the study also analyses developments in the European retail payment system field and the roles and aims of market participants.
Evolution Of Eu Retail Payments Law
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Author : Agnieszka Janczuk-Gorywoda
language : en
Publisher:
Release Date : 2015
Evolution Of Eu Retail Payments Law written by Agnieszka Janczuk-Gorywoda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper traces the evolution of EU payments law for retail payments, identifying four phases of its development. In spite of the EU's founding principle of free movement of payments, the first two phases of EU payments law were characterized by negative integration and soft law measures with limited effects on the performance of cross-border payments. The introduction of the euro started the third phase of EU payments law in which the EU became more aggressive in its approach to regulating payments. Nevertheless, EU legislation was mainly aimed at triggering and supporting “voluntary self-regulation” by the banking industry. As a result, EU payments law acquired a hybrid character. The ensuing Single Euro Payments Area (“SEPA”) is composed of publicly- and privately-made rules which became mingled together into a single system. Finally, the fourth phase of the development of EU payments law has witnessed, on an unprecedented scale, EU public regulation colonizing areas that used to be in the private domain. It also marks a nuanced shift of objectives of EU payments law: integration is no longer the overarching objective but “regulation for competition” has surfaced as an equally important goal.
Reengineering European Payment Law
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Author : Jane K. Winn
language : en
Publisher:
Release Date : 2019
Reengineering European Payment Law written by Jane K. Winn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
With FinTech entrepreneurs threatening to disrupt retail payment services in Europe and around the world, the European Union is using the harmonization of payments law as an opportunity to try to increase innovation and competition in European payment systems. In recent years, the EU has enacted the Payment Systems Directive II (PSD2), E-Money Directive II, the Payment Account Directive, and the Interchange Fee Regulation as well as various regulatory technical standards to insure harmonized implementation of those laws. This comprehensive package of law reforms might appear to provide a solid foundation for the transformation of payment services in Europe, but a quick review of the history of the Single Euro Payment Area (SEPA) project highlights the risks of such a top-down strategy. Whenever the political requirements of the Single Market collided with the need for economic incentives to drive voluntary adoption of SEPA, the logic of commerce was forced to take a back seat to the politics European integration with predicable results for innovation and competition. Like SEPA, the open banking mandate found in the PSD2 has the potential to transform European retail payment markets, but it is unclear when, or whether, that potential may be realized.
Transforming Payment Systems In Europe
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Author : Jakub Górka
language : en
Publisher: Springer
Release Date : 2016-04-08
Transforming Payment Systems In Europe written by Jakub Górka and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-08 with Business & Economics categories.
The European payment market has undergone rapid transformation in recent years due to changes in payment habits, new business rules and new legal frameworks and regulation. There has also been an advent of new technologies and payment solutions which has altered the European payments landscape drastically. This book provides an overview of the fundamental issues involved in this new payments landscape. The authors discuss fundamental problems such as substitution between cash and non-cash payment instruments, payment costs, the economics of fees, and the demand for cash and deposit money. They also analyse issues such as two-sided markets, business platforms and the problem of critical mass. Other chapters focus on new phenomena in payments such as mobile payments, multi-sided platforms, electronic wallets, virtual currencies, decentralised ledgers, private digital currencies, blockchain and instant payments. The authors also review existing regulation for the topic including the revised Payment Services Directive (PSD2), Interchange Fee Regulation (IF/MIF Reg), and the Single Euro Payments Area (SEPA) project. Transforming Payment Systems in Europe offers insight into changing payment culture and the ways in which new payment systems can create a single digital market to foster further integration in Europe.
The Payment System
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Author : Tom Kokkola
language : en
Publisher:
Release Date : 2010
The Payment System written by Tom Kokkola and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Banks and banking, Central categories.
"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).
Payment Systems In The European Union
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Author :
language : en
Publisher:
Release Date : 1996
Payment Systems In The European Union written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
The Future Of Retail Payments Opportunities And Challenges
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Author :
language : en
Publisher:
Release Date : 2011
The Future Of Retail Payments Opportunities And Challenges written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Retail Payments
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Author :
language : en
Publisher:
Release Date : 2009
Retail Payments written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
On 25-26 May 2009 the European Central Bank and De Nederlandsche Bank hosted a conference entitled "Retail payments: integration and innovation". The aim of the conference was to better understand current developments in retail payment markets and to identify possible future trends by bringing together around 200 high-level policy-makers, academics, market practitioners and central bankers from all over the world. This document provides a comprehensive summary of the two-day conference and highlights the main messages and key policy issues identified. The keynote speeches, panel sessions and paper discussions centred around four main themes: the relevance of retail banking and payments for banks' profitability; the integration, competition and regulation of retail payment markets; payment habits and the adoption of new payment innovations; and the future of retail banking and retail payment markets. This conference summary shows that the expectations and requirements of payment users are strongly influenced by major social trends and a growing demand for more innovative payment solutions. Overall, the conference findings will further stimulate our efforts to foster innovation and integration in retail banking and payments.
Disrupting Finance
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Author : Theo Lynn
language : en
Publisher: Springer
Release Date : 2018-12-06
Disrupting Finance written by Theo Lynn and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-06 with Business & Economics categories.
This open access Pivot demonstrates how a variety of technologies act as innovation catalysts within the banking and financial services sector. Traditional banks and financial services are under increasing competition from global IT companies such as Google, Apple, Amazon and PayPal whilst facing pressure from investors to reduce costs, increase agility and improve customer retention. Technologies such as blockchain, cloud computing, mobile technologies, big data analytics and social media therefore have perhaps more potential in this industry and area of business than any other. This book defines a fintech ecosystem for the 21st century, providing a state-of-the art review of current literature, suggesting avenues for new research and offering perspectives from business, technology and industry.
Interchange Fee Economics
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Author : Jakub Górka
language : en
Publisher: Springer
Release Date : 2018-11-29
Interchange Fee Economics written by Jakub Górka and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-29 with Business & Economics categories.
Interchange fees have been the focal point for debate in the card industry, among competition authorities and policy makers, as well as in the economic literature on two-sided markets and on the regulation of market failures. This book offers insight into the economics of interchange fees. First, it explains the nature of two-sided markets/platforms/networks and elaborates on four-party schemes and on the rationale behind interchange fees according to Baxter’s model and its later refinements. It also includes the debate about the optimum level of interchange fees and its determination (“tourist test”), and presents the original framework for assessing the impact of interchange fee regulatory reductions for the market participants: consumers, merchants, acquirers, issuers, and card organisations. The framework addresses three areas of concern in reference to the transmission channels of interchange fee reductions (pass-through) and the card scheme domain (triangle: payment organisation, issuer, acquirer). The book discusses the effects of regulatory interchange fee reductions in Australia, USA, Spain, and, most specifically, Poland. It will be of interest to policy makers, card and payments industry practitioners, academics, and students.