In Europe, there are several payment schemes that facilitate transactions within and

across borders. Some of the prominent payment schemes include:

1. SEPA (Single Euro Payments Area): SEPA enables individuals and businesses to make
euro-denominated payments across Europe as easily as domestic payments. It
encompasses credit transfers, direct debits, and card payments, aiming to harmonize
payment practices and promote integration within the eurozone.
2. TARGET Instant Payment Settlement (TIPS): TIPS is an instant payment system
operated by the European Central Bank (ECB), allowing individuals and businesses to
transfer money in real-time, 24/7, 365 days a year. It facilitates instant credit transfers
between accounts held at different banks within the euro area.
3. SWIFT (Society for Worldwide Interbank Financial Telecommunication): SWIFT is a
global messaging network used by financial institutions to securely exchange
information and instructions related to financial transactions. It supports various
payment and messaging services, including cross-border payments in Europe and
worldwide.
4. Euro Banking Association (EBA) Clearing: EBA Clearing provides payment
infrastructure and services, including the EURO1 and STEP2 platforms. EURO1
facilitates large-value euro payments in real-time, while STEP2 processes retail
payments, including SEPA Credit Transfers (SCT) and SEPA Direct Debits (SDD).
5. Cards Schemes: Various card schemes operate in Europe, including Visa, Mastercard,
American Express, and domestic card schemes like Cartes Bancaires in France and
Girocard in Germany. These schemes enable cardholders to make payments and
withdrawals domestically and internationally.
6. Instant Payment Schemes: Several countries in Europe have developed their instant
payment schemes to facilitate real-time payments within their borders. Examples
include Faster Payments in the UK, Instant Payment Service (IPS) in Italy, and Swish in
Sweden.
7. National Payment Systems: Each European country typically has its own national
payment system, facilitating domestic payments and interbank settlements. Examples
include BACS and CHAPS in the UK, SIC in Switzerland, and TIPS in Italy.