thereof .

Banks , payment service providers , consumers , vendors

Banks , payment service providers , card schemes , processors

CapGemini , 2005 . McKinsey , 2005 and others e.g. Van Hove , De Grauwe , T. ten Raa , EPC , Dutch National Bank , Sveriges Riskbank .

EXPECTATIONS FOR PROVIDERS ( I.E. BANKS AND PAYMENT INSTITUTIONS )

First , the unclear distinction between payment institutions and other payment service providers makes it extremely difficult to assess risks and the related safeguards .

International organizations, non governmental organizations, private voluntary organizations, contractors.

Internet service providers allocated space to Usenet libraries, and Internet service providers questioned why they needed to host space for pornography and pirated software.

Furthermore , both Eurosystem service providers and the other central banks of the Eurosystem may offer additional reserve management services in euro on an individual basis .

Banks , payment service providers , mobile operators , consumers Not mandatory for banks , payment service providers and mobile operators to offer this service .

Furthermore , both Eurosystem service providers and the other central banks of the Eurosystem may offer additional reserve management services in euro on an individual basis .

Finally , increased competition in the euro area would tend to speed up the move towards a more integrated banking system across participating countries , which could reduce cross country asymmetries in the transmission mechanism of monetary policy . ECB Annual Report 1999

E mandate implementation guidelines to be defined . Card schemes Consumers , merchants , banks , payment service providers The Terms of Reference are currently being drawn up by the Eurosystem .

Where appropriate, and subject to the provisions of the Constitution, such measures shall be established in close consultation with railway companies and other railway service providers.

Three different models are basically used dissemination is organised by the national supervisory authority itself , by operators of regulated markets , or by other competing financial information providers9 .

The Eurosystem expects SEPA providers ( banks and payment institutions ) to

It is important to facilitate the execution of cross border payments by payment service providers .

( 14 ) Until technical limitations that may prevent intermediary payment service providers from satisfying the obligation of transmitting all the received information on the payer , are removed , those intermediary payment service providers should keep records of that information .

Not mandatory for banks and payment service providers to offer this service .

They are offered under harmonised terms and conditions in line with general market standards by individual Eurosystem central banks ( the Eurosystem service providers ) acting as dedicated service providers .

This will require significant investments from providers and businesses .

Objective 3 Rights and obligations of users and providers Alternative 1 .

Banks , payment service providers , corporates , SMEs , consumers , ACHs , public administrations E mandate will encourage the use of SDD .

TITLE II Payment service providers Chapter 1 Payment institutions SECTION 1 GENERAL RULES

equal access for service providers and users throughout Europe

Operate on exchange block trading facilities , or appoint specialist liquidity providers . xiv

The directive will prohibit certain restrictions on the provision of cross border services and establish clear criteria for the requirements which Member States are allowed to impose on service providers from other EU countries .

Rights and obligations of users and providers of payment services ( Title IV ) Clarity and certainty on core rights and obligations of users and providers of payment services are essential for the development of modern efficient electronic payment systems , for the trust of users and efficiency of modern business in a modern payment market .

In terms of competition the level playing field for payment service providers would be achieved .

However , payment service providers may decide to grant more favourable terms to payment service users .

Standardisation was the preferred option of a majority of payment industry and user associations .

Payment service providers are explicitly obliged to find always a corresponding payment .

The main messages for SEPA providers ( i.e. banks and payment institutions ) are as follows . 1 .

2.5 Access conditions Are you aware of access conditions to specific service providers which could be considered discriminatory ?

Payment service providers which will be active in the direct debit domain are expected to offer SDD .

If properly implemented , the directive will yield clear benefits for both service providers and users .

( c ) trust or company service providers not already covered under points ( a ) or ( b )

It is appropriate to limit the application of this Directive to payment service providers that issue electronic money .

As currently drafted , it is not clear if all categories of payment service providers may provide payment accounts .

a rule which discriminates between authorised payment service providers in relation to the rights , obligations and entitlements of participants

It makes specific reference to trust and company service providers and also includes life insurance intermediaries .

Payment service providers shall ensure that transfers of funds are accompanied by the complete information on the payer .

Banks ( commercial banks , as well as central banks ) and the future payment institutions are not only providers , but also users .

( b ) a rule which discriminates between authorised payment service providers in relation to the rights , obligations and entitlements of participants

Objective 2 Increase market transparency for both providers and users Alternative 1 .