The Central Bank of Malta, the Malta Bankers’ Association and the Financial Services Economic Group of the Malta Chamber of Commerce and Enterprise held a half-day national conference to discuss the diverse national and cross-border retail payment systems for the euro and how these systems will be integrated so that the euro will be a truly single and fully functioning currency.

The conference, which attracted around 140 delegates from the business community as well as operators in the financial services industry, accountants, the public sector and the payments industry also launched the Single Euro Payments Area (SEPA) project in Malta.

The conference was chaired by Shaun Wallis, Chairman of the Malta Bankers’ Association, and was opened by Finance Parliamentary Secretary Tonio Fenech. Two foreign keynote speakers, Stewart MacKinnon, Secretary General of the European Payments Council, and Norbert Bielefeld, Deputy Director, Payment Systems, European Savings Banks Group addressed those present.

Presentations were also made by John Pollacco, Head Card Services at Bank of Valletta, Mario Spiteri, Honorary Treasurer of the Malta Chamber of Commerce and Enterprise, Jesmond Gatt, Manager, Payment Systems, at the Central Bank of Malta, and James Dunbar Cousin, Head of Commercial Banking, HSBC Bank Malta plc. David Pullicino, Deputy Governor of the Central Bank of Malta, delivered the closing address.

In his delivery, Mr MacKinnon explained how SEPA will be harmonising millions of everyday “retail” payments and how this programme, which is supported by Europe’s banks, should lead to the strengthening of the internal market, the enhancement of competition, improved efficiency and more economic prosperity.

Mr Bielefeld spoke about the Payment Services Directive and how this will apply to all payment services, retail or corporate, and whether in euro or any other currency of an EU Member State. Once it is transcribed into national laws, the Directive will affect all payments within the 27 Member States of the EU, irrespective of currency or transaction value, and whether payments are effected by card or any other form of electronic means of payment.

Mr Pollacco highlighted the impact that the SEPA Card Framework and the Payment Services Directive is expected to have on financial institutions and then referred to the advantages that SEPA will bring for the cardholder – international access, greater security, upgraded services such as balance enquiry, pin change and loyalty applications – as well as the advantages for merchants, such as substantial reduction in fraud, an increase in low value transactions, lower interchange fees, one POS terminal for all SEPA compliant cards at merchants, as well as loyalty programmes.