Looking to Sepa to aid processing
By Dan Ilett
Published: 14 July 2006 17:00 GMT
MasterCard is speeding up its payments processing by migrating banks and retail outlets to a global authorisation platform.
The European Union has told card issuers and banks they must make it cheaper for businesses and people to make transactions between countries. Under the Single European Payments Area (Sepa) this must happen by 2010.
Sepa will also mean that Europe-wide card issuers can compete with domestic card companies. EuroPay MasterCard and Visa's (EMV) card technology will be an essential part of the processing networks, which is why MasterCard has introduced the new system.
W Roy Dunbar, president of MasterCard Global Technology, said in a statement: "We are taking steps to make it easier, for example, for banks in say, Britain or Brazil to expand their card operations into Dallas or Dubai."
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