The Level One Project views cross-border transfers as an instance in all payment needs or use cases. Cross-border transfers are present in any payment need…
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Transparent Terms
The Scheme must ensure that all costs and terms are disclosed to the payer before payment is made. Transparency also extends to FX rates in…
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Low Fees for DFSPs
Fees charged to cover Scheme costs (e.g., platform development, connections to DFSPs or other entities, developing rules and ensuring compliance, general operations, settlement, etc.) must…
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Regulated & Supervised
Regulation of the Scheme by a financial regulator(s) should establish a sound, regulatory environment for inclusive payments.
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Inclusive Scheme Rules
The Scheme Rulebook must clearly articulate the roles and responsibilities of DFSPs and the Scheme itself, while also defining the guarantees for ensuring the Scheme…
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All Use Cases
The Scheme should support the processing of payments associated with all use cases and the tracking of use case type in the payment message.
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Data Readiness
Data should be structured using ISO 20022 and designed to support all use case needs while also minimizing the passage into or retention of personally…
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Modern Technical Architecture
A platform — as defined by Scheme rules – must provide at least switching, settlement, fraud management services, and an alias lookup and mapping service…
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Near Real-Time Settlement
Balances must be resolved between DFSPs as close to real-time as possible. This principle extends to cross-border transfers and to completing final and irrevocable foreign…
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Shared Services
Shared services should include fraud management, directories, sanctions screening, and cross-border transfers.
