Today, the Eurosystem, which comprises the European Central Bank (ECB) and the 16 national central banks of the euro area, published for public consultation draft documents outlining the framework for credit transfer and direct debt schemes, entitled “Draft oversight framework for credit transfer schemes” and “Draft oversight framework for direct debit schemes” respectively. The drafts seek to “provide oversight frameworks for credit transfer and direct debit schemes in the context of the Single Euro Payments Area (SEPA), an initiative that will enable customers to make cashless euro payments to anyone located anywhere in the euro area, using only a single bank account and a single set of payment instruments.” After the drafts have been finalized, the Eurosystem will then “develop common assessment methodologies for the credit transfer and direct debit schemes.” Additionally, national central banks may adopt “the common standards for the oversight of other national (i.e. non-SEPA) payment instruments.” The comment period ends on November 10, 2009.