their payments are still mostly absent when they want to make payments on the internet? the ecb welcomes efficient, safe and reliable payment systems and services, regardless of who is offering them. but if banks want to play a role in the future of retail payments, they will need to act soon, as their position cannot be expected to remain stable. new players are entering the market and offer appealing propositions to end users, especially with regard to “ innovative ” payments, such as m - payments and internet payments. the epc ’ s position will need to be adapted in the light of the ongoing review of sepa governance. the epc is certainly well positioned to continue contributing to the work of the sepa council, representing the european banking sector on retail payments. therefore, i expect the epc to continue taking a pro - active approach. being the scheme owner of the bis central bankers ’ speeches sepa credit transfer and direct debit schemes, positioning these schemes more prominently as building blocks for internet and m - payments seems to be a logical next step. thank you very much for your attention. bis central bankers ’ speeches

, it is not only in the epc ’ s own interests that it stays at the centre of european retail payments integration and innovation ; it is also in the interests of the market. it is clear that the epc should continue contributing to sepa council work, as a representative of the european banking sector for retail payments. the involvement would be at the strategic level and often also at the requirements level. in addition, as scheme owner of sct and sdd, the epc has a continued responsibility for maintenance and improvements. it should do that in a transparent way, as is being done with the customer stakeholder forum, the clearing & settlement forum, and with the consultations on new releases. perhaps the epc should review its involvement in cards, where it is not a scheme owner. the sepa cards framework and its subsequent q & as have not proved to be very effective in developing a european card payments market. the work of the cards stakeholders group on the standardisation of functional requirements and the standardisation of the security requirements for cards and terminals should become the leading workstream. the epc ’ s role would then be to channel the positions of the european banking sector at the strategic level of the sepa council, as well as to provide technical expertise in the discussions of the cards stakeholders group. it is a good example of how social dialogue and multistakeholder involvement can work. for innovative payments, such as internet and m - payments, the epc has a legitimate role to enable the use of the epc ’ s own schemes. it could do so by developing implementation guidelines for sct and sdd for use in such payments. it is important that this is done in a way that involves other stakeholders, also those outside the traditional banking sector. conclusions let me conclude. the work on payment systems and on sepa in particular remains a crucial part of european integration in the area of financial services. sepa is delivering value to all european citizens. for banks, before and during the financial crisis, the provision of retail payments is one of their few stable business lines and an area on which many banks are focusing. the internet, in an embryonic form, started 43 years ago today. young people today are unaware how our economy, our society and the world functioned before the internet, and especially before the world wide web. how do you think they perceive the fact that the institutions to which they entrust most of their money and on which they rely to make most of