Payment instruments

Payment instruments and schemes are an essential part of payment systems. Cards, credit transfers, direct debits and e-money are non-cash payment instruments with which end users of payment systems transfer funds between accounts at banks or other financial institutions.

Providing and using payment instruments generally does not generate systemic risk. However, these instruments should be safe and efficient to maintain confidence in the currency and promote an efficient economy.

This is why the Eurosystem includes payment instruments in central bank oversight of payment systems.

Oversight standards

The Eurosystem has defined a harmonised oversight approach and a minimum set of common oversight standards for payment instruments used across the Single Euro Payments Area (SEPA). This includes the SEPA direct debit, SEPA credit transfers and cards.

For cards and e-money schemes, the common standards rely on policies adopted by the Eurosystem.

Each national central bank may also decide to apply the common standards for the oversight of other national (non-SEPA) payment instruments.

Guides, standards and frameworks

• Harmonised oversight approach and oversight standards for payment instruments
• Oversight framework for direct debit schemes
• Guide for the assessment of direct debit schemes against the oversight standards
• Oversight framework for credit transfer schemes
• Guide for the assessment of credit transfer schemes against the oversight standards
• Oversight framework for card payment schemes – standards
• Guide for the assessment of card payment schemes against the oversight standards
• Report on electronic money
• Electronic money system security objectives

Oversight responsibilities

For payment instruments, the role of primary overseer (for the Eurosystem) is assigned according to the national anchor of the payment scheme and the legal incorporation of its governance authority.

For the SEPA credit transfer and direct debit schemes, as well as some of the international card payment schemes, the primary oversight role is attributed to the ECB.