2001年-ECB欧洲央行_Towards_a_uniform_service_level_for_retail_payments_in_the_euro_area_8页_144kb

Summary of "Towards a Uniform Service Level for Retail Payments in the Euro Area"

Core Content

The document outlines the Eurosystem's efforts to improve cross-border retail payments in the euro area, aiming to achieve a level of efficiency comparable to domestic payments. The introduction of the euro has eliminated currency borders, making all payments within the euro area "domestic" in nature. However, non-cash retail payments still face significant inefficiencies, including high fees and long settlement times.

Main Objectives

The Eurosystem has set clear objectives for cross-border retail payments to be achieved by 2002, focusing on:

• Enhanced systems/services by 1 January 2002.
• Priority to cross-border credit transfers.
• Substantial price reduction for cross-border credit transfers.
• Comparable settlement times for domestic and cross-border payments.
• Fees borne by the originator as a default rule.
• Open access to cross-border retail payment systems.
• Implementation of existing standards as soon as possible.

Key Challenges

1. High Costs: The average fee for a €100 cross-border credit transfer was €15.51 in 1999, and even after a 40% reduction, it still remains about 100 times higher than domestic fees.
2. Long Execution Times: The average settlement time for cross-border payments was 3.41 working days, with some cases taking over a week.
3. Non-standardized Interfaces: Incompatibility between sender and recipient bank formats contributes to inefficiencies.
4. Manual Processing: Many cross-border payments require manual correction due to incomplete or incorrect customer information.
5. Correspondent Banking: Reliance on correspondent banking for legacy currencies increases costs and delays.
6. Double-charging: Despite regulations, 25% of cross-border transfers still involve charging both sender and receiver.

Progress and Initiatives

• The STEP I system was launched in 2000 to improve cross-border low-value credit transfers.
• The Eurosystem facilitated the development of a payment message standard for straight-through processing (STP), which was integrated into SWIFT, TARGET, and Euro I/STEP I systems in November 2000.
• The MIF (Multilateral Interbank Exchange Fee) was introduced as a potential short-term solution to the double-charging issue.
• A minimum exemption threshold of €12,500 was agreed to reduce the need for manual reporting in balance-of-payments (b.o.p.) statistics.

Action Points for Banks

The Eurosystem urged banks to implement the following actions by mid-2001:

1. Publicly commit to STP standards and ensure their implementation.
2. Cease double-charging and adopt the MIF if possible.
3. Define a standard cross-border credit transfer product with a common name and implement it.
4. Launch information campaigns to educate customers about standards and payment instructions.

Eurosystem's Role

The Eurosystem acts as a catalyst for change, encouraging cooperation among banks to improve retail payment services. It will monitor progress closely throughout 2001 and reassess the situation in early 2002. If necessary, it may increase operational involvement to ensure the smooth functioning of payment systems.

Conclusion

By early 2002, the introduction of euro banknotes and coins will make cash payments seamless across the euro area. However, the goal of achieving uniform service levels for all retail payments remains unmet. The Eurosystem is confident that banks are capable of delivering improved services by 2002, which would be a crucial step towards establishing a truly integrated payment area within the euro zone.