Our previous 2015 Trends blogs have highlighted some of the most important developments of the year, here are a few more that are worth noting.
SEPA (Single Euro Payments Area) continued its journey with preparations being made for the approaching 2016 deadlines. Banks and Payment Service Providers are assessing the implications of moving to IBAN (International Bank Account Number) only and retiring niche payment instruments such as ELV in Germany and Téléchargement in France.
All involved in the payments industry have begun to assess the implications of the Payment Services Directive 2 (PSD2) which was approved in November with transposition into national law planned to complete in 2017.
The drive to make the payments world more consistent took a few key steps with the announcement at the SIBOS conference in Singapore. The USA confirmed they would be deploying XML20220 for their Faster Payments system. There was also a push to encourage vendors of business application systems to adopt the ISO 20220 standards for the data fields in their products.
In summary, 2015 was a year spent preparing for change. What will happen in 2016 – read our next blog to see our predictions for the new year?