Annex 5: Key Components of Scheme Rules

Defines the objectives of the scheme, focusing on inclusion, efficiency, and wide accessibility.

Outlines the roles, responsibilities, and structure (e.g., integrated vs. separated governance).

Sets eligibility criteria, onboarding requirements, and types of participants (direct/indirect).

Specifies supported use cases (P2P, P2B, bill payment, cash in/cash out, payment return, etc.) and the associated operational rules.

Defines the end-to-end flow, validation steps, authorization, and timing for processing payments.

Describes how and when funds are settled (e.g., real-time, netting, prefunding, deferred).

Provides mechanisms for managing credit, liquidity, and operational risks.

Establishes the process for handling complaints, errors, and unauthorized transactions.

Includes safeguards such as transparency, consent, and redress mechanisms for end-users.

Defines the process for setting, reviewing, and disclosing participant and end-user fees.

Sets expectations on system availability, transaction speed, and responsiveness.

Establishes monitoring mechanisms, reporting requirements, and sanctions for non-compliance.

Enables alias-based payments using phone numbers, emails, etc., while ensuring privacy and control.

Sets rules for the use of scheme brand assets and participant marketing practices.

Provides guidance for stakeholder training and end-user education to promote adoption and trust.

Outlines performance indicators and feedback mechanisms to guide continuous improvement.

Provides guidance on technical standards, APIs, and compatibility with international norms.

Establishes processes for updating scheme rules and introducing new features.