Ecommerce Europe was invited for a follow-up “Stakeholder meeting on internet payments” on the 4th of March at the ECB in Frankfurt am Main, Germany. Paul Alfing, chair of the E-payments Committee, participated on behalf of Ecommerce Europe. Alfing: “The focus of this meeting was on opportunities for the voluntary standardization of the interface between Third-Party Providers and Account-Servicing PSPs. A rather technical discussion. For now a consistent user experience for trust and security is most important”.
During the previous stakeholder meeting of last November 8th, there was a discussion regarding the domains in which voluntary standardization could be useful to facilitate the emergence of an integrated and competitive environment for these payment initiation services. The interface between Third-Party Providers and Account-Servicers was seen as a possible field for standardization. Various stakeholders expressed requirements with regard to the extent of access to the payment account underlying the transaction. Although all payment initiation services rely on such access to payment accounts, the extent of access varies according to the business model or the technical solution.
At the meeting on the 4th of March the levels of access and how access should be arranged were discussed. It seemed that banks and third parties could agree on a dedicated access towards banks and that the level of access preferably should be a guarantee of payment. Alfing: “But important questions still have to be answered: how to organize this; what are the preferred levels; and how to deal with liability?”. Ecommerce Europe also brought forward the importance of a consistent user experience for trust and security in payment methods. Trust and security are essential for new payment methods, especially for cross-border payments. And new payment methods will stimulate trade and contribute to our mantra of reach, conversion and fair cost.