ECB consults on payment scheme oversight
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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