On 8 June 2015, the Interchange Fees for Card-Based Payment Transactions Regulation (IFR) entered into force in the European Union. In addition to the capping of interchange fees, the IFR also foresees the separation of payment card schemes and processing entities.
With the intention of addressing concerns that schemes offering processing services may grant their own processing services beneficial treatment to the detriment of processing competitors, Article 7(6) IFR confers on the EBA the mandate to develop draft RTS establishing the requirements that payment card schemes and processing entities have to comply with for ensuring independence of their accounting, organisation and decision-making process.
The draft RTS proposed in the Consultation Paper introduce specific requirements related to the independence of the organisation and the decision-making process in relation to the development of innovations, while ensuring that external processors are not prevented from having an opportunity to partner with the scheme to develop pilots for new innovative products.
The final RTS will be published after consultation.
Responses by 8 March 2016.