|The PACE project will develop and promote an open multilateral innovative solution for cross-border electronic purse usage in the Single Market. The project intends to significantly accelerate the introduction of cross-border electronic purse transactions in euro by anticipating the issuance of euro notes and coins foreseen at the beginning of the year 2002. As a first step, three domestic electronic purse systems of Luxembourg, France and Germany will be inter-linked on the basis of their current standards to allow a first cross-border interoperability in euro between these three countries. As a second step, the project aims at developing, implementing and testing a set of new open specifications as part of a migration strategy towards the forthcoming CEPS standard, easing the introduction of the euro. The proposed interim solution is intended to accelerate the cross-border interoperability between card schemes by allowing new countries to join the proposed initiative at their own pace. The different components of the system will include a multi-lateral system for back-office functions, allowing the clearing and settlement of electronic purse transactions.
The Workplan is made up of five major workpackages of which three are dedicated to the development and implementation of a common cross-border electronic purse application in euro, one to the integration of the developed components into a working system and one workpackage to the dissemination of the project results. Development of the common purse application covers the drafting of the PACE specifications, the development of components according to these specifications and the certification of the components in order to ensure their compliance to the specifications. To keep the specifications open, it is intended to publish them free of any license fee to any interested manufacturer. The implementation of a comprehensive certification procedure will ensure that all components adhere to the specifications. In parallel, the back-office systems will be developed for the implementation of a cross-border field trial between Luxembourg, France and Germany on the basis of the existing systems.
In parallel to the development and implementation of the PACE specifications, the development of the necessary back-office systems will be carried out during an ongoing integration process. This integration process will be based upon the implementation of a cross-border field trial between Luxembourg, France and Germany on the basis of the existing systems.