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w3c / webpayments-ig

Web Payments Interest Group
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SEPA: Scheme or set of regulations #15

Open ianbjacobs opened 9 years ago

ianbjacobs commented 9 years ago

Is SEPA a payment scheme? or a set of regulations for schemes? ...is PE-ACH a scheme instead?

Ryladog commented 9 years ago

Peach is a fruit....:-)

msporny commented 9 years ago

The term "SEPA" is very broad and overloaded, so there is no "right" answer. You can view SEPA as a payment scheme for the EU. PE-ACH could be viewed as a payment scheme as well (but one that is more narrow than the SEPA scheme as PE-ACH only applies to debits and credits - not credit card, IIUC). SEPA (the technical bits) has multiple payment instruments based on ISO20022 messages.

The "set of regulations" (the legal bits) comes in via national laws passed based on things like the Payment Services Directive by the European Commission and the European Parliament.

Hope that helps. I'd argue that "PE-ACH as implemented as ISO20022 messages" is a subset payment scheme of "SEPA as implemented as ISO20022 messages", because the latter also includes things like credit card messages and non-bank-initiated messages. All of this stuff has national regulations covering use of the messages and networks (as does, every payment scheme).