Digital Payments ()
Description: Digital Payment enables the purchase of goods or services via digital or online modes, without the involvement of physical money exchange. It provides the possibility to perform financial operations using digital payment methods such as, among others, Banking Cards and Point of Sale (PoS) terminals. Additional information: The Digital Payments Digital Business Capability (DP-DBC) in the context of European IT interoperability among member states and private companies refers to the ability to facilitate seamless and secure digital payment transactions across borders within the European Union (EU). It encompasses the technological infrastructure, standards, protocols, and frameworks that enable interoperability between various payment systems, financial institutions, and service providers. The DP-DBC aims to create a unified and harmonized digital payments ecosystem, ensuring that individuals, businesses, and public entities can make and receive payments efficiently, conveniently, and with confidence across different EU countries. It seeks to eliminate the barriers and complexities associated with cross-border payments, such as high transaction costs, lengthy processing times, and lack of transparency. Key components of the DP-DBC include: 1. Standardization and Interoperability: The DP-DBC promotes the adoption of common technical standards, protocols, and data formats to ensure seamless interoperability between different payment systems, platforms, and networks. This allows for the smooth exchange of payment information and data between member states and private companies. 2. Regulatory Framework: The DP-DBC aligns with EU regulations and directives, such as the Revised Payment Services Directive (PSD2), to establish a legal framework that governs digital payments and ensures consumer protection, data privacy, and security. It also encourages the implementation of strong authentication measures, such as two-factor authentication, to enhance the security of digital transactions. 3. Cross-Border Payment Infrastructure: The DP-DBC supports the development and integration of cross-border payment infrastructures, such as the Single Euro Payments Area (SEPA), which enables fast and low-cost euro-denominated transfers across EU countries. It also facilitates the interoperability of national payment systems, clearinghouses, and settlement mechanisms to streamline cross-border transactions. 4. Payment Initiation Services: The DP-DBC enables the provision of payment initiation services by third-party providers, allowing consumers and businesses to initiate payments directly from their bank accounts without the need for traditional payment methods. This fosters innovation, competition, and choice in the digital payments landscape. 5. Open Banking and APIs: The DP-DBC promotes the use of open banking principles and application programming interfaces (APIs) to enable secure and controlled access to payment account information and payment initiation services. This allows authorized third-party providers to offer innovative payment solutions and value-added services, enhancing the overall digital payments experience. 6. Data Exchange and Reporting: The DP-DBC facilitates the exchange of payment-related data and reporting between member states and private companies. This enables regulatory authorities to monitor and analyze payment flows, detect fraudulent activities, and ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Overall, the Digital Payments Digital Business Capability plays a crucial role in fostering a harmonized and efficient digital payments landscape within the European Union. It aims to enhance cross-border trade, promote financial inclusion, and drive economic growth by enabling secure, convenient, and cost-effective digital payment transactions among member states and private companies. Example: The Digital Payments Digital Business Capability can be applied in various ways to enhance IT interoperability among member states and private companies in Europe. Here are some examples: 1. Single Euro Payments Area (SEPA): The Digital Payments capability can be used to establish a standardized payment infrastructure across European countries, enabling seamless cross-border transactions. It ensures that payment systems, formats, and processes are interoperable, allowing individuals and businesses to make and receive payments easily within the European Union. 2. European Payment Initiative (EPI): EPI is an ongoing project aiming to create a unified European payment solution. The Digital Payments capability can be utilized to develop interoperable systems and technologies that enable secure and efficient payments across member states and private companies. It ensures that payment methods, such as mobile payments or instant payments, can be used seamlessly across Europe. 3. Open Banking: The Digital Payments capability can facilitate the implementation of open banking standards, enabling secure access to financial data and payment services across different banks and financial institutions. It ensures that member states and private companies can develop interoperable payment solutions that comply with the Payment Services Directive 2 (PSD2) and provide customers with enhanced payment experiences. 4. Digital Identity and Authentication: The Digital Payments capability can be integrated with digital identity solutions to establish interoperable authentication methods for secure payments. This allows member states and private companies to implement strong customer authentication measures while ensuring interoperability and compliance with regulations like the General Data Protection Regulation (GDPR). 5. Cross-Border E-commerce: The Digital Payments capability can support the development of interoperable payment systems for cross-border e-commerce transactions. It enables member states and private companies to offer secure and convenient payment options to customers across Europe, fostering growth in the digital economy and facilitating international trade. Overall, the Digital Payments Digital Business Capability plays a crucial role in enhancing IT interoperability among member states and private companies in Europe, enabling seamless and secure digital payments across borders. Publisher: Worldbank Source: https://openknowledge.worldbank.org/handle/10986/35613 LOST view: Organisational view [Motivation] Identifier: http://data.europa.eu/dr8/egovera/DigitalPaymentsCapability EIRA traceability: eira:DigitalBusinessCapability EIRA concept: eira:SolutionBuildingBlock Last modification: 2023-06-06 dct:identifier: http://data.europa.eu/dr8/egovera/DigitalPaymentsCapability dct:title: Digital Payments Digital Business Capability
eira:PURIhttp://data.europa.eu/dr8/egovera/DigitalPaymentsCapability
eira:ABBeira:DigitalBusinessCapability
dct:modified2023-06-06
dct:identifierhttp://data.europa.eu/dr8/egovera/DigitalPaymentsCapability
dct:titleDigital Payments Digital Business Capability
dct:descriptionDigital Payment enables the purchase of goods or services via digital or online modes, without the involvement of physical money exchange. It provides the possibility to perform financial operations using digital payment methods such as, among others, Banking Cards and Point of Sale (PoS) terminals.
skos:exampleThe Digital Payments Digital Business Capability can be applied in various ways to enhance IT interoperability among member states and private companies in Europe. Here are some examples: 1. Single Euro Payments Area (SEPA): The Digital Payments capability can be used to establish a standardized payment infrastructure across European countries, enabling seamless cross-border transactions. It ensures that payment systems, formats, and processes are interoperable, allowing individuals and businesses to make and receive payments easily within the European Union. 2. European Payment Initiative (EPI): EPI is an ongoing project aiming to create a unified European payment solution. The Digital Payments capability can be utilized to develop interoperable systems and technologies that enable secure and efficient payments across member states and private companies. It ensures that payment methods, such as mobile payments or instant payments, can be used seamlessly across Europe. 3. Open Banking: The Digital Payments capability can facilitate the implementation of open banking standards, enabling secure access to financial data and payment services across different banks and financial institutions. It ensures that member states and private companies can develop interoperable payment solutions that comply with the Payment Services Directive 2 (PSD2) and provide customers with enhanced payment experiences. 4. Digital Identity and Authentication: The Digital Payments capability can be integrated with digital identity solutions to establish interoperable authentication methods for secure payments. This allows member states and private companies to implement strong customer authentication measures while ensuring interoperability and compliance with regulations like the General Data Protection Regulation (GDPR). 5. Cross-Border E-commerce: The Digital Payments capability can support the development of interoperable payment systems for cross-border e-commerce transactions. It enables member states and private companies to offer secure and convenient payment options to customers across Europe, fostering growth in the digital economy and facilitating international trade. Overall, the Digital Payments Digital Business Capability plays a crucial role in enhancing IT interoperability among member states and private companies in Europe, enabling seamless and secure digital payments across borders.
eira:concepteira:SolutionBuildingBlock
skos:noteThe Digital Payments Digital Business Capability (DP-DBC) in the context of European IT interoperability among member states and private companies refers to the ability to facilitate seamless and secure digital payment transactions across borders within the European Union (EU). It encompasses the technological infrastructure, standards, protocols, and frameworks that enable interoperability between various payment systems, financial institutions, and service providers. The DP-DBC aims to create a unified and harmonized digital payments ecosystem, ensuring that individuals, businesses, and public entities can make and receive payments efficiently, conveniently, and with confidence across different EU countries. It seeks to eliminate the barriers and complexities associated with cross-border payments, such as high transaction costs, lengthy processing times, and lack of transparency. Key components of the DP-DBC include: 1. Standardization and Interoperability: The DP-DBC promotes the adoption of common technical standards, protocols, and data formats to ensure seamless interoperability between different payment systems, platforms, and networks. This allows for the smooth exchange of payment information and data between member states and private companies. 2. Regulatory Framework: The DP-DBC aligns with EU regulations and directives, such as the Revised Payment Services Directive (PSD2), to establish a legal framework that governs digital payments and ensures consumer protection, data privacy, and security. It also encourages the implementation of strong authentication measures, such as two-factor authentication, to enhance the security of digital transactions. 3. Cross-Border Payment Infrastructure: The DP-DBC supports the development and integration of cross-border payment infrastructures, such as the Single Euro Payments Area (SEPA), which enables fast and low-cost euro-denominated transfers across EU countries. It also facilitates the interoperability of national payment systems, clearinghouses, and settlement mechanisms to streamline cross-border transactions. 4. Payment Initiation Services: The DP-DBC enables the provision of payment initiation services by third-party providers, allowing consumers and businesses to initiate payments directly from their bank accounts without the need for traditional payment methods. This fosters innovation, competition, and choice in the digital payments landscape. 5. Open Banking and APIs: The DP-DBC promotes the use of open banking principles and application programming interfaces (APIs) to enable secure and controlled access to payment account information and payment initiation services. This allows authorized third-party providers to offer innovative payment solutions and value-added services, enhancing the overall digital payments experience. 6. Data Exchange and Reporting: The DP-DBC facilitates the exchange of payment-related data and reporting between member states and private companies. This enables regulatory authorities to monitor and analyze payment flows, detect fraudulent activities, and ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. Overall, the Digital Payments Digital Business Capability plays a crucial role in fostering a harmonized and efficient digital payments landscape within the European Union. It aims to enhance cross-border trade, promote financial inclusion, and drive economic growth by enabling secure, convenient, and cost-effective digital payment transactions among member states and private companies.
dct:publisherWorldbank
dct:sourcehttps://openknowledge.worldbank.org/handle/10986/35613
eira:viewOrganisational view [Motivation]
eira:viewOV-Digital Business Capabilities Catalogue