The European Banking Authority (EBA) has published the final draft regulatory technical standards (RTSs) on requirements for card payments under the Interchange Fee Regulation (IFR).

The IFR, which creates a single market for card payments across the EU, requires payment card schemes and processing entities to ensure the independence of their accounting, organisation, and decision-making processes.

The RTSs require payment card schemes and processing entities to:

• have accounting processes in place to produce annual information related to separated profit & loss accounts reviewed by an independent and certified auditor;
• have separate workspaces; and
• ensure the independence of senior management, management bodies and staff.

They also lay down requirements related to the use of shared services and a shared information management system, the treatment of sensitive information, a code of conduct, and the separation of annual operating plans.

The EBA's document can be read here.