Germany’s Central Bank and EBA Clearing Partner on Card Clearing
The Deutsche Bundesbank and EBA CLEARING are rolling out new infrastructure services on the German market for the clearing of payments arising from debit card transactions.
The two organisations are jointly announcing the venture at the Sibos conference in Boston today. Together, their services will provide full reach to the German banking community for card clearing based on the German GIROCARD scheme and on the pan-European single euro payment area (SEPA) Card Clearing Framework developed by the Berlin Group.
Together with the user community, the German central bank and EBA CLEARING have worked over the past year on preparing the ground for the practical implementation of these infrastructure services.
One key objective of this co-operation has been to ensure that future users can smoothly exchange transaction messages with one another, regardless of whether they are connected to the same clearing service or not. It is planned that the German banks will migrate to this new card clearing infrastructure in April 2015.
“The implementation of eXtensible markup language [XML]-based card clearing infrastructure enables the German banks to leverage their SEPA investments: it allows them to migrate their card payments to state-of-the-art processing systems based on pan-European standards,” said Jochen Metzger, head of the department payments and settlement systems, Deutsche Bundesbank.
“The Deutsche Bundesbank supports this evolution through the delivery of a card clearing service on its SEPA-Clearer platform. Thanks to the co-operation between the Deutsche Bundesbank and EBA CLEARING, the banks will benefit from Germany-wide coverage and a seamless user experience from the start.”