Guidance to improve transparency for retail payment end-users

The Statement of the June 2021 Euro Retail Payments Board (ERPB) meeting endorsed a set of recommendations formulated by the working group on transparency for retail payment end-users. The following recommendations have been assigned to payment schemes such as the European Payments Council ( ) Single Euro Payments Area ( ) payment schemes:

  • Rec 01: Consistently use commercial trade name and provide this name to all involved parties in the payment chain for use in client’s payment account statements.
  • Rec 05: Use standards and applications suitable for including identified data sets “end-to-end”. Upgrade or change these standards when necessary.
  • Rec 10: Proactively ensure that their scheme rules encourage all the relevant recommendations to the largest extent possible.

The determined that the various transparency-related recommendations assigned to the different stakeholder groups, must be implemented by June 2024.

On 25 May 2022, the published the guidance document EPC088-22 addressed to both payees and payment scheme participants pointing out that existing elements in the relevant ISO 20022 standard-based XML messages used under the payment schemes can already be used to transport the “whom”, “where” and/or “when” information.

The guidance document lists the existing rulebook datasets and attributes that are suitable to transport and display information related to the “whom”, “where” and “when” in Credit Transfer ( ), Instant Credit Transfer ( ) and Direct Debit ( ) Core transactions. 

All , and scheme participants should strongly encourage their payees concerned (e.g., (online) merchants, large Creditors, etc) how to better use existing , and scheme datasets and attributes to provide more clarity to the payer about the “whom”, “where” and “when” of a transaction.


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