Central Banking

ECB consults on payment scheme oversight

credit-cards

Europe's central banks on Monday published draft standards for the oversight of credit transfer and direct debit schemes in Europe as part of efforts to establish a Single Euro Payments Area (Sepa).

The draft proposed five criteria for assessing the appropriateness of credit transfers and direct debit schemes. The criteria were that the scheme:
• had a sound legal basis under all relevant jurisdictions;
• ensured comprehensive information, including appropriate information on financial risks, is

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