Foreword

Table of Contents

I Cooperation frameworks between Authorities, Users and Providers for the development of the National Payments System

Executive Summary

1 Introduction and Background

2 Assessment of barriers to the development of digital financial services

3 Development of a vision statement, including policy objectives for DFS

3.1 National retail payments strategy and policy framework

3.2 DFS, financial inclusion objectives and national financial inclusion strategies

3.3 Vision statement and policy objectives for DFS

4 Roles of public and private sector actors in achieving the vision for the NPS/financial inclusion

4.1 Central Bank oversight and other roles

4.2 Role of other public sector entities

4.3 National payment council (or similar) to oversee implementation of the vision

4.4 Industry arrangements

4.5 Regulatory framework to support the vision

5 National Payments Council

5.1 The role of a NPC

5.2 Typical features/terms of reference for a NPC

5.3 Case studies

6 Other types of cooperation fora

6.1 Public sector-led

6.2 Payments associations and private payments councils

6.3 Consumer and business associations

7 Conclusions

II Payment System Oversight and Interoperability

Executive Summary

The Oversight of Payment Systems

A. The critical role of payment systems in contemporary economies

B. Payment systems need oversight

Payment System Interoperability

A. Relevance of interoperability

B. Interoperability and oversight policy

C. Oversight principles for interoperability in RPS

III Payment System Interoperability and Oversight: The International Dimension

Executive Summary

International Interlinking of Payment System Infrastructures

A. Drivers of international payment system infrastructures (PSIs) interlinking

B. Modalities of international PSI interlinking

C. Examples of international PSI interlinking

PSI interlinking and interoperability

A. National Interoperability

B. International interoperability: At the regional level

C. Challenges and risks of international interoperability

Implications for Oversight Policy

A. The cross-border dimension of payment system oversight

B. Oversight principles for international payment system interoperability

Annex 1: Oversight of payment systems in the SADC

IV Access to Payment Infrastructures

Executive Summary

1 Involvement of banks and non-banks in the payments business

2 Payment infrastructures

3 Types of access to payment infrastructures

A. Access for PSPs

B. Other variants of access to payment infrastructures for PSPs

C. Access for operators of other payment systems

4 Legal & regulatory, ownership and governance aspects

A. System access rules

B. International standards and other guidance

C. Ownership and governance of payments infrastructures

5 International evidence and trends

A. Access to RTGS systems

B. Access to ACHs

6 Insights and conclusions

A. Implications for operators, banks and non-banks

B. Implications for central banks and other authorities

Annex I: Case studies

Bibliography

V The Regulator's Perspective on the Right Timing for Inducing Interoperability

Executive summary

1 Introduction

2 Methodology

3 Reported answers

4 Final remarks

References

Annex: Questionnaire