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In December, the European Payments Council (EPC) and the Cards Stakeholders Group (CSG - a multi-stakeholder body gathering retailers, vendors, processors, card schemes, and the EPC) released version 7.1 of the Single Euro Payments Area (SEPA) Cards Standardisation Volume (the Volume) in December 2015.
The Volume is a key document for the card industry, aimed at achieving cards standardisation, interoperability, and security in Europe.
This latest version extends the scope of the Volume. Amongst other new elements, it now includes functional and security requirements applicable to card-not-present (also referred to as ‘remote’) payments, which are booming with the development of e-commerce, and a card processing framework.
The Volume is now fully in line with the digital era and the latest regulatory evolutions impacting the card industry.