On 25 February 2015 the European Central Bank published a guide outlining the general requirements that overseen card payment schemes (CPS) should follow to provide the business and statistical information needed to comply with the Eurosystem's oversight standards.

What this means for you

The guide is intended for both the card payment schemes' governing authorities responsible for ensuring compliance, and for the overseers conducting the oversight of both national and international CPS based on the standards. It will be important for card payment scheme providers to think about the specific function that an individual entity at a different level assumes, as each entity could be jointly accountable for the overall functioning of the CPS, for promoting the payment instrument, for ensuring compliance with the scheme’s rules and for setting clearly defined, transparent, complete and documented boundaries for their responsibilities within this scheme. These entities must then jointly ensure that all relevant standards of the oversight framework are met.