On 4 July 2014, the European Payment Users Alliance issued a press release for the attention of politicians in Europe, calling for the regulation of interchange fees to ensure adoption by the end of 2014. The Alliance consider that the lack of legislation is holding Europe back from entering a new payments world and that high fees are standing in the way of market development. The Alliance say “EU Regulation is the only way to tackle the MIF and associated restrictive contractual rules in a coherent way and provide a true Single Euro Payments Area (SEPA)”. The European Parliament is urged to act swiftly to implement and enforce the draft legislation.
What this means for you
The timeframes in relation to the implementation of the MIF regulations remain relatively unknown. Current opinion suggests that implementation prior to the end of 2014 is unlikely. However, statements such as the one released by the Alliance indicate dissatisfaction with the pace of progress. The Schemes are addressing this in different ways (at the moment) and the current solutions remain unsatisfactory.