Oversight of electronic payment instruments, schemes and arrangements
The Eurosystem has defined a specific oversight framework for electronic payment instruments, schemes and arrangements (PISA Framework). It establishes a set of principles, based on international standards, for assessing the security and efficiency of such instruments, schemes and arrangements.
This framework replaces the previous Eurosystem oversight approach and standards for payment instruments (payment cards, direct debits, credit transfers and e-money). It also extends the scope of oversight to new instruments such as digital payment tokens (crypto-assets and stablecoins).
In Belgium, two entities are currently subject to this new framework: Bancontact Payconiq Company for the domestic debit card scheme Bancontact, and Mastercard Europe for its debit card scheme Maestro and its credit card scheme. For Mastercard Europe, oversight is exercised by the Eurosystem under the joint leadership of the Bank and the ECB.
The Eurosystem's oversight focuses on schemes and arrangements of significant importance. The criteria for identifying such schemes and arrangements are defined in the framework’s exemption policy.
The approach and standards used by this oversight framework are detailed in the following documents, which were published in November 2021 (Eurosystem publishes new framework for overseeing electronic payments):
- Eurosystem oversight framework for electronic payment instruments, schemes and arrangements