The DSB proposes the following convention:
If the customer has a regular payment from a credit card account, mortgage or other facility then it should be shown as a scheduled payment in a way that is consistent with existing digital banking channels.
A single future dated payment is considered a scheduled payment.
The purpose of the Scheduled Payment API is to facilitate visibility of movement from one account to another. Scheduled payments are treated differently by each bank. Ultimately the CDR seeks to provide consistency with existing digital banking experiences rather than enforcing a change in conventions for Data Holders.
If the payment is a regular payment where money is transferred between the customer's accounts or to an external source, it is good to ensure the customer has visibility through a scheduled payment. Often scheduled items like
home loan or
payments are not easily discovered without scrolling through all transaction records.