Following its plenary meeting on 13 December 2006, the European Payments Council approved Versions 2.2 of the Direct Debit Rulebook and the Credit Transfer Rulebook, which are now published on the Web-site.
This is a significant milestone on the road to the Single Euro Payments Area. These documents are accompanied by Versions 2.2 of the Data Model and respective sets of Implementation Guidelines. For the sake of completeness the PE-ACH/ CSM Framework setting out ’s policy towards the evolution of clearing and settlement for scheme payments is also published. This Framework was approved by the in March 2006.
The reason for publishing these documents at this stage is that they now represent the baseline for implementation in 2008. The latest editions of the Rulebooks contain the model for scheme management as set out in Chapter 6. These provisions and related legal aspects are continuing to evolve and will be updated as further work is completed. Other aspects of the Rulebooks including those for technical development are not expected to change before implementation except for the introduction of any required clarifications.
Plenary has also agreed to release for further consultation by national banking communities Version 3.0 of the Rulebooks, which will contain new features such as an alternative mandate flow and a set of business to business arrangements for Direct Debits. It is expected that these will be published in March 2007 on completion of the design phase.
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