Eurosystem oversight framework for electronic payment instruments, schemes and arrangements (PISA oversight framework)

The efficiency, reliability and security in the use of electronic payments is key for maintaining public confidence in the euro and for the smooth functioning of the financial sector.

The PISA oversight framework aims at making the current and future payments ecosystem safer and more efficient, as part of the Eurosystem's statutory task to "promote the smooth operation of payment systems" (in line with the Treaty on the Functioning of the European Union and the Statute of the European System of Central Banks and of the European Central Bank).

PISA Oversight Framework

It includes an assessment methodology and an exemption policy. The PISA oversight framework replaces the current Eurosystem oversight approach for payment instruments and complements the Eurosystem's oversight of payment systems.

The scope of the framework covers entities enabling or supporting the use of payment cards, credit transfers, direct debits, e-money transfers and digital payment tokens, including electronic wallets. It also covers crypto-asset-related services, such as the acceptance of crypto-assets by merchants within a card payment scheme and the option to send, receive or pay with crypto-assets via an electronic wallet.

The PISA oversight framework complements forthcoming EU regulations on crypto-assets (including stablecoins) and international standards for global stablecoins. The Eurosystem also aims to cooperate with other authorities.

The Central Bank of Cyprus (CBC) accordingly notifies in-scope entities that they are subject to oversight under the PISA oversight framework and requests the submission of self-assessments and supporting documentation, which will form the basis of a continuous dialogue with the oversight authority.

The European Central Bank (ECB) is the lead overseer for SEPA credit transfer and direct debit schemes and for some of the international card payment schemes.