More NewsEC Sets up Payment Systems Market Expert Group

EC Sets up Payment Systems Market Expert Group

The European Commission (EC) has set up a Payment Systems Market Expert Group (PSMEG) to assist in the preparation of its policy in the field of payments. Further to a call for applications, the Commission has appointed 50 members with a broad range of expertise, taking into account the need to achieve balanced representation of the interests of all relevant stakeholders.

Internal Market and Services Commissioner, Charlie McCreevy, said: “In the area of payments, and particularly in the context of SEPA [single euro payments area], we have a growing need for regular and high-level stakeholder input at the earliest stage of our policy-making. New and complex areas of activities, such as the prevention of payment fraud or the development of innovative payments, will also mean new needs for specialist expertise.”

The group’s aim will be to assist the Commission in the preparation of legislative acts or policy initiatives on payment systems, including fraud prevention issues related to the payment industry and users; to provide insight on the practical implementation of these policies; to exchange views on the latest best practices; and to ensure monitoring of potential issues of concern to the market.

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