Electronic payment instruments, schemes and arrangements

The Eurosystem carries out oversight activities to promote the smooth operation of payment systems, as well as to maintain confidence in the currency and foster an efficient economy. The oversight activities includes electronic payment instruments, schemes and arrangements.

For more details see the Eurosystem oversight framework for electronic payment instruments, schemes and arrangements (the PISA framework). 

PISA oversight principles

The PISA framework, together with the related assessment methodology and exemption policy (the PISA framework package), was approved by ECB’s Governing Council in November 2021. As of 15 November 2022, it replaces the “Harmonised oversight approach and oversight standards for payment instruments” and all related oversight frameworks and guides for cards, direct debits, credit transfers and the security objectives for e-money (see below).

The PISA oversight principles are aligned, where appropriate and possible, with the relevant standards of the CPMI-IOSCO Principles for financial market infrastructures and the Eurosystem’s revised oversight framework for retail payment systems.

Schemes or arrangements newly overseen by the Eurosystem should adhere to the PISA framework no later than one year after being informed that they fall within the scope of the framework.

List of payment schemes and arrangements overseen under the PISA framework

PISA framework package

Oversight applicable as of 15 November 2022

• Eurosystem oversight framework for electronic payment instruments, schemes and arrangements
• Eurosystem assessment methodology for electronic payment instruments, schemes and arrangements
• Exemption policy for the Eurosystem oversight framework for electronic payment instruments, schemes and arrangements

Oversight applicable until 14 November 2022

• 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