On 21 May 2014, the Euro Retail Payments Board (ERPB) issued a statement of its first meeting, held on 16 May 2014. The ERPB replaced the SEPA Council and has a broader composition and mandate than its predecessor.

At the meeting the ERPB:

  • discussed its work plan and priorities for the period 2014-16
  • agreed to invite the Cards Stakeholder Group (CSG) to carry out a stock-taking exercise on implementation of payment cards standardisation
  • discussed a note prepared by a multi-stakeholder task force that has analysed the feasibility of an alternative SEPA direct debit scheme that does not include the unconditional right to refunds
  • noted that there is still work to be done to ensure full and secure migration of direct debits using SEPA in a few countries by 1 August 2014.

What this means for you

The ERPB has also issued a number of related documents which are available on the ECB website.