An electronic payment instrument arrangement is the organisational and technical framework through which a payment instrument scheme is governed and made usable across different payment service providers. Its governing body sets the rules or contractual conditions applying to participants and users. The arrangement may cover activities such as initiating a payment, facilitating the movement of funds, or recording and safeguarding personalised credentials and other instrument-related information. These services support the practical use of electronic payment instruments but are not required for the scheme itself to function.
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.