Euro Retail Payments Board holds its first meeting: The new Euro Retail Payments Board (ERPB), which comprises an even mix of members from the demand side and the supply side, has held its first meeting. It set up two working parties, on Single Euro Payment Area (SEPA) post-migration issues and pan-European electronic mandate solution for SEPA direct debits, and is considering setting up others on mobile payments and innovative payments. It also considered the possibility of an alternative SEPA direct debit scheme that would not include the unconditional right to refunds, subject to seven principles. Despite the opposition of the consumers' representative, ERPB agreed to recommend that refund rights be clarified during the review of the Payment Services Directive (PSD 2) so that a clear legal background exists for the launch of such an alternative direct debit scheme. (Source: Statement of the First Meeting of the ERPBHigh-Level Requirements for a Consumer No-Refund Direct Debit Scheme in SEPA and SEPA Governance Webpage)