Payment service Definition

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GLOSSARY

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What does Payment service mean?

Payment service includes credit card payments; payments into, and withdrawals from, ATM machines or over the counter; direct debits, including one-off direct debits; transferring e-money; payment transactions executed through a payment card or a similar device; credit transfers, including standing orders, BACS and CHAPS payments; and money remittance. It does not include cash-back services; cash payments directly between a payer and a payee without an intermediary; payment transactions through commercial agents; bureaux de change services; and certain services provided by technical service providers.

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EPC publishes revised clarification papers and updated customer reporting recommendations

The European Payments Council (EPC) has published revised clarification papers for the EPC Payment Scheme Rulebooks and updated recommendations on customer reporting, effective 25 April. The updates include Clarification Paper Version 3.1 for the 2023 and 2025 SEPA Credit Transfer (SCT) and SEPA Instant Credit Transfer (SCT Inst) rulebooks, and Version 4.1 for the 2023 and 2025 SEPA Direct Debit Core (SDD Core) and Business-to-Business (SDD B2B) rulebooks. The documents provide practical guidance for payment service providers when implementing these rulebooks and addressing scenarios not covered by them. Additionally, EPC has published updated recommendations on customer reporting for SCTs, One-Leg Out Instant Credit Transfer, and SEPA Direct Debits.

EPC launches consultation on SEPA instant credit transfer scheme

The European Payments Council (EPC) has launched a public consultation to explore ways to support and facilitate the use of the Single Euro Payments Area (SEPA) instant credit transfer (SCT Inst) scheme at the point of interaction (POI). The consultation seeks feedback from stakeholders on using, offering, developing, and operating SCT Inst scheme-based payment solutions at the POI. This follows amendments to the SEPA Regulation by the Instant Payments Regulation to require the majority of payment service providers (PSPs) in the EEA to adopt SCT Inst by July 2027. Responses to the consultation are sought by 30 May 2025, with individual feedback to be provided by October 2025.

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GLOSSARY