EAPS to set up company in Brussels
Following reports earlier this month that the EAPS scheme was being considered as the basis of a new debit card system to be established by a group of Europe’s largest banks, members of the Euro Alliance of Payment Schemes (EAPS), are now to set up a not-for-profit company which will be based in Brussels. The company is expected to start operations mid 2007. In a statement the consortium partners say the alliance will be founded as a not-for-profit Brussels-based company that will promote “the interests of its members”. The alliance has so far developed a rule-set for processing transactions across national borders which been released for consultation. Specifications of which have been presented to the European Commission and the European Central Bank. EAPS participants have also begun pilot testing of cross border debit processing. Bilateral pilot schemes are currently being conducted between Germany and Italy, Spain and Portugal and Spain and Germany. Additional tests will follow by the end of the year.