The ERPB is composed of high-level representatives from both the supply and demand side. On the supply side, there are representatives of the banking community, payment institutions and emoney institutions. On the demand side, there are representatives of consumers, retailers with physical premises, internet retailers, businesses/corporates, small and medium-sized enterprises and national public administrations.
Representatives of national central banks participate in the board’s work on a rotating basis and the European Commission participates as an observer. The activities of the ERPB are very much linked to the challenges and priorities for innovation in retail payments. I will talk about some of these issues, in particular instant payments, in more detail in the third part of my speech.