Euro Alliance of Payment Schemes
Encyclopedia
The Euro Alliance of Payment Schemes (EAPS) is an international alliance of Europe
an bank and interbank network
s with the aim of creating a pan-European debit card
system. The Brussels
-based consortium, formally announced in July 2007, includes such members as Electronic Cash in Germany
, PagoBancomat/Bancomat in Italy
, Multibanco
in Portugal
, EURO 6000 in Spain
, LINK
in the United Kingdom
and EUFISERV, an ATM
system operated internationally by the European Savings Banks Group. Though not allying itself with EAPS, the European Central Bank
spoke in February 2007 in favor of the work being done by EAPS as "the first step towards a consolidation of card schemes, leading to a European card scheme". Prior to the implementation of the EAPS alliance, only MasterCard
/Maestro
and Visa
/V PAY
debit cards could be used abroad in Europe. EAPS was first initiated particularly to challenge Mastercard's hold on international debit payments.
According to European Card Review in 2007, EAPS was expected to play a less pivotal role in spreading the Single Euro Payments Area initiative than larger schemes such as the "Falkensteiner Group" which they believed to include UniCredit
, Société Générale
, ING
and Deutsche Bank
, but was nevertheless capable of a "marginal" role. The "Falkensteiner Runde" (Falkensteiner Circle) - according to the Lafferty Group to consist of ABN AMRO, Allianz Dresdner, ING, Rabobank, UniCredit,
Deutsche Bank, Société Générale and Commerzbank - is discussing an alternative interbank network based on the German girocard
network joined by the French Carte Bancaire network. About the same time in early 2007 another initiative was formed in the "PayFair" company in Brussels to implement the European Payment Scheme. This effort is building an infrastructure from scratch focussing at first to rebuild the POS (i.e. non-bank) infrastructure in Belgium and Netherlands as of 2008 and it is expanding to Germany during 2010 via "easycash" terminals. Founded in 2008, the "Monnet Project" was unveiled in Frankfurt in 2009 listing the same members as reported earlier on the Falkensteiner Circle. Later reports cite these three elements - Monnet Project, PayFair scheme, EAPS council - as the driving forces behind SEPA-centric alternatives for debit card networks.
Meanwhile the EAPS announced the bilateral cooperation of ATM interbank networks, namely the German Girocard acceptance at Italian Bancomat ATMs, Italian Bancomat card acceptance at German Girocard ATMs and German Girocard acceptance at UK LINK ATMs. Independently the European savings banks had created the pan-European EUFISERV
network to mutually accept debit cards at their ATMs - Eufiserv is a founder of the EAPS council.
On May 5, 2010 the Monnet Project held a meeting in Madrid to endorse a European Card Project. From the 30 banks that were attending it occurred that 12 banks from 8 countries volunteered to join a consortium phase to detail the technical requirements and to prepare treaties on the foundation of a new bankcard payment company. The ECB has welcomed these steps pointing the China UnionPay
example that a new bankcard brand can quickly gain acceptance (the CUP is now accepted in 29 European countries plus 60 more countries worldwide) Before the end of 2010 the results of the consortium phase shall lead into a definite decision to build a new bankcard infrastructure.
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
an bank and interbank network
Interbank network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....
s with the aim of creating a pan-European debit card
Debit card
A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
system. The Brussels
Brussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
-based consortium, formally announced in July 2007, includes such members as Electronic Cash in Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, PagoBancomat/Bancomat in Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, Multibanco
Multibanco
Multibanco is an interbank network in Portugal owned and operated by Sociedade Interbancaria de Serviços S.A., or SIBS, that links the ATMs of 27 banks in Portugal, totaling 11,208 machines as of October 2006. The bank members of Multibanco control the SIBS...
in Portugal
Portugal
Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the...
, EURO 6000 in Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, LINK
LINK (UK)
LINK is a shared interbank network of automated teller machines operating in the United Kingdom. The network counts 37 member institutions, of which many are various banks and building societies issuing LINK ATM cards, and the remainder are independent ATM operators who do not issue cards...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and EUFISERV, an ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
system operated internationally by the European Savings Banks Group. Though not allying itself with EAPS, the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
spoke in February 2007 in favor of the work being done by EAPS as "the first step towards a consolidation of card schemes, leading to a European card scheme". Prior to the implementation of the EAPS alliance, only MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
/Maestro
Maestro (debit card)
Maestro is a multi-national debit card service owned by MasterCard, and was founded in 1990. Maestro cards are obtained from associate banks and can be linked to the card holder's current account, or they can be prepaid cards...
and Visa
Visa Debit
Visa Debit is a major debit card issued by Visa in the United Kingdom, the Republic of Ireland and other nations of the European Union. Prior to October 2004, the debit card was known as Visa Delta. Since June 2009, the major banks in the UK have begun issuing Visa Debit. Barclays, Bank of...
/V PAY
V PAY
V PAY is a type of debit card issued by Visa Europe. It provides a fully chip & PIN based card that may be co-branded with various national debit card schemes, such as the German Girocard or Italy's PagoBancomat. V PAY is designed to provide a SEPA-compliant card that enables usage across the whole...
debit cards could be used abroad in Europe. EAPS was first initiated particularly to challenge Mastercard's hold on international debit payments.
According to European Card Review in 2007, EAPS was expected to play a less pivotal role in spreading the Single Euro Payments Area initiative than larger schemes such as the "Falkensteiner Group" which they believed to include UniCredit
UniCredit
UniCredit SpA is an Italy-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.- Geography :...
, Société Générale
Société Générale
Société Générale S.A. is a large European Bank and a major Financial Services company that has a substantial global presence. Its registered office is on Boulevard Haussmann in the 9th arrondissement of Paris, while its head office is in the Tours Société Générale in the business district of La...
, ING
ING Group
The ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...
and Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
, but was nevertheless capable of a "marginal" role. The "Falkensteiner Runde" (Falkensteiner Circle) - according to the Lafferty Group to consist of ABN AMRO, Allianz Dresdner, ING, Rabobank, UniCredit,
Deutsche Bank, Société Générale and Commerzbank - is discussing an alternative interbank network based on the German girocard
Girocard
Girocard is an interbank network and debit card service connecting virtually all German ATMs and banks. It is based on standards and agreements developed by Central Credit Committee....
network joined by the French Carte Bancaire network. About the same time in early 2007 another initiative was formed in the "PayFair" company in Brussels to implement the European Payment Scheme. This effort is building an infrastructure from scratch focussing at first to rebuild the POS (i.e. non-bank) infrastructure in Belgium and Netherlands as of 2008 and it is expanding to Germany during 2010 via "easycash" terminals. Founded in 2008, the "Monnet Project" was unveiled in Frankfurt in 2009 listing the same members as reported earlier on the Falkensteiner Circle. Later reports cite these three elements - Monnet Project, PayFair scheme, EAPS council - as the driving forces behind SEPA-centric alternatives for debit card networks.
Meanwhile the EAPS announced the bilateral cooperation of ATM interbank networks, namely the German Girocard acceptance at Italian Bancomat ATMs, Italian Bancomat card acceptance at German Girocard ATMs and German Girocard acceptance at UK LINK ATMs. Independently the European savings banks had created the pan-European EUFISERV
Eufiserv
EUFISERV is an European interbank network connecting the ATMs of savings banks in Austria, Belgium, the Czech Republic, Finland, France, Germany, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, and Switzerland...
network to mutually accept debit cards at their ATMs - Eufiserv is a founder of the EAPS council.
On May 5, 2010 the Monnet Project held a meeting in Madrid to endorse a European Card Project. From the 30 banks that were attending it occurred that 12 banks from 8 countries volunteered to join a consortium phase to detail the technical requirements and to prepare treaties on the foundation of a new bankcard payment company. The ECB has welcomed these steps pointing the China UnionPay
China UnionPay
China UnionPay , also known as UnionPay or by its abbreviation, CUP, is the only domestic bank card organization in the People's Republic of China . Founded in March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China...
example that a new bankcard brand can quickly gain acceptance (the CUP is now accepted in 29 European countries plus 60 more countries worldwide) Before the end of 2010 the results of the consortium phase shall lead into a definite decision to build a new bankcard infrastructure.