A payment scheme is a set of procedures, rules and technical standards that govern how payments are executed (See CPMI, Fast Payment Systems Fast payments - Enhancing the speed and availability of retail payments). The objective of a Payments Scheme is to ensure safe, secure, efficient and transparent exchange and processing of payments messages in a many-to-many participant environment with (fair) access criteria for participants. The Payments Scheme is to be governed transparently.
A domestic IPS is covered by a scheme which defines common rules and standards on how the IPS and its members interact when processing domestic payments. The scheme covers technical standards alongside rules about economic incentives for participation and ways of managing disputes.
However, IPS schemes cover only domestic payments, not cross-border payments. Therefore, a Nexus Scheme is required to cover the cross-border aspects of Nexus payments.
Defining a full scheme specification was outside of the scope of this phase of the project. Instead, we have set out key principles, areas that the scheme would need to cover, the responsibilities of each actor and role within the scheme, and a possible fees model.