They are the building blocks of most ’ euro credit transfer and direct debit solutions. They also enable their interoperability in .
A payment scheme is a set of rules which have agreed upon to execute transactions through a specific payment instrument (such as credit transfer, direct debit, card, etc). It is different from a payment system, which is a technical infrastructure that processes transactions in line with the rules defined in a payment scheme.
Most euro credit transfers and direct debits rely on the payment schemes
The payment schemes are the rules underlying the euro credit transfer and direct debit solutions proposed by all in . Simply put, when doing credit transfers and direct debits in euro (in a single country, across or even between and a non- country), a service created on the basis of the payment schemes may be used. These schemes make it possible for consumers to rely on just one payment account to make euro credit transfers and direct debits not only in their own country, but also in – an area larger than the European Union – and even between and a non- country.
The has created five distinct schemes:
- The Credit Transfer ( ) scheme.
- The Instant Credit Transfer ( ) scheme.
- The Direct Debit ( ) Core ( ) scheme.
- The Business-to-Business ( ) scheme.
- The One-Leg Out Instant Credit Transfer ( ) scheme.
As a result of the Regulation, the scheme and the scheme are mandatory for all offering euro credit transfer and direct debit services in the European Economic Area. The , the and the schemes are optional: are free to propose services based on these schemes. Note: in October 2022, the European Commission launched a legislative proposal stipulating that based in the European Economic Area and offering standard euro credit transfers, must also offer instant euro credit transfers at a future point in time. This proposal has not yet been adopted by the co-legislators.
The payment scheme rulebooks are publicly available on the website. However, wishing to use them have to formally adhere to the schemes and pay an annual payment scheme participation fee. Adhering to the payment schemes does not require membership.
Harmonised rules that leave room for flexibility
The payment schemes attach the general rules enabling harmonised credit transfers and direct debits. Yet they also allow to provide additional services of their choice to the actual payment products in order to meet specific customer needs.
- A rulebook. This contains the set of business rules, obligations, and technical standards for the execution of payment transactions. It can be regarded as an instruction manual that provides a common understanding on how to move funds from account A to account B. For example, the rulebook defines in which currency (euro) a transaction must be made, and the various steps and maximum duration have to respect for such transactions.
- Implementation Guidelines ( ). These are the technical translations of the rulebook into ISO 20022 payment messages.
- The Payment Scheme Management Rules. This document – common to all schemes – explains the principles governing the administration and evolution of the scheme.
In addition, the publishes clarification papers on a case-by-case basis covering specific topics related to the schemes’ implementation.
All the payment schemes respect the principles defined in the Payment Services Directive, and are overseen by the Eurosystem.