It will enable customers to make cashless euro payments to anyone located anywhere in the euro area, using only a single bank account and a single set of payment instruments.
The Eurosystem has published the documents entitled “Draft oversight framework for credit transfer schemes” and “Draft oversight framework for direct debit schemes” for public consultation. The aim of these documents is to provide oversight frameworks for credit transfer and direct debit schemes in the context of the Single Euro Payments Area (SEPA), an initiative that will enable customers to make cashless euro payments to anyone located anywhere in the euro area, using only a single bank account and a single set of payment instruments.
As a consequence of the creation of SEPA, the retail payment landscape is changing significantly and the importance of a consistent approach with regard to the oversight of payment instruments is increasing. The Eurosystem has therefore developed a “Harmonised oversight approach and oversight standards for payment instruments” to create a common ground for all payment instrument frameworks. The draft oversight frameworks for credit transfer and direct debit schemes build on this document while accommodating the specificities of the payment instruments in question.
Once these frameworks have been finalised the Eurosystem will develop common assessment methodologies for the credit transfer and direct debit schemes. Furthermore, national central banks may also decide to apply the common standards for the oversight of other national (i.e. non-SEPA) payment instruments.
Deadline for comments is 10 November 2009.
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