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Easier cross-border payments: breaking down the barriers: Commission Working Document. SEC (92) 621 final, 27 March 1992

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Disciplines
  • Economics

Abstract

CQ\6II S S I ON OF THE EUROPEAN Caw.ttJNI T lES SEe (92) 621 final Brussels. 27 Ulrch 1992 EAS IER CROSS - BORDER PA'YMINTS : BREAK I N THE BABR EBS CCAMI S S I ON \\OBIt I NG DOCtIMBNT EASIER CROSS-8OROER PAYMENTS :: BREAKING DOWN THE BARRIERS I, I NTROOUCT I Over 200 eni II ion reta i I cross front ler payments take place wi thin the EC each year, Their number Is growing steadily as the completion of the Single Market leads to greater trade flows and movement of people throughout the fC, The programme for Economic and Monetary Union agreed in Maastricht will lead to a further significant Increase In c'-oss- front ter payments as the costs associated with changing from one currency to another 3re ended. This underlines the Importance of early act ion to br Ing the performance of cross-border payments systems up to the standard of the best nat lonal sYStterns. The full bencH ts of the single m~rket and EaAU will only be achieved if it is possible for businesses and individuals to transfer money as rapidly. rei lably and cheaply from one part of the Community to another as is now, the case within most Member states. In Septeonber 1990 the Commission published a discussion paper , ' Making Payments in tho nternal Mark~ t " wh I ch focused on the need to improve the ooerat ion Of Reta II Cross Border Payments System$ (RCBPS) and highlighted the high cost and v~rylng Quality of existing services. March 1991 in respOnse to the many useful comments received on this paper . the Commission set UP two working groups to advise it on hOw sma! ler va lue cross fronti er payments cou Id be improved. The first these, known as the Payment Systems Techn i ca I Deve lopnlent Group (the Technical Group) with members drawn (rom cOfMercial and central banks, the se~ond ~nown as the Payment Systems ~sers L i a I son Group (the Users Group) brought together members drawn from banks, consumers and small businesses. ihe two working groups met a total of 15 tunes since last AD!"I! and

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