Page 53 - ITU-T Focus Group Digital Financial Services – Interoperability

ITU-T Focus Group Digital Financial Services
Interoperability

Key issues:

6.1 Access criteria should be justified in terms of the safety and efficiency of the system, as well as the broader
financial markets.
6.2 Price setting in interoperable systems should be non-discriminatory and transparent.
6.3 Exit rules and procedures from interoperability agreements should be clearly defined and disclosed.

62. Access criteria to interoperable systems should ensure a level playing field among RPEs. Access
criteria should be justified in terms of the safety and efficiency of the system, as well as the broader financial
markets. From a risk mitigation perspective, the access criteria should aim to minimize legal, financial, and
operational risks. A RPS should assess whether participating RPEs have the requisite operational capacity,
financial resources, legal foundation, and risk-management expertise so that risks are adequately mitigated
and managed. From an efficiency viewpoint, the access criteria may be based on the business case. The access
criteria should have the least restrictive impact on access that circumstances permit.

63. Access criteria should be commensurate with the risks generated by interoperability and those to which
participating RPEs may be exposed.

64. If access to interoperable systems is refused by system owners or operators to an applicant RPE, the
reasons should be explained to the applicant in writing on the basis of the access criteria adopted.
65. When access criteria constitute terms and conditions for maintaining an interoperability agreement,
they should be continuously applied. RPEs should monitor compliance with participation requirements
on an ongoing basis through the receipt of timely and accurate information. If conditions for maintaining
interoperability are no longer met, rules and procedures should be legally set either for the termination of the
non-complaint RPEs or for dismantling an interoperability agreement, depending on the extent of the problem.

66. The pricing policies adopted by interoperable systems should be transparent and non-discriminatory.
EFFICIENCY AND EFFECTIVENESS

Principle 7: Interoperability should meet the requirements of participating RPEs and the markets they serve.

Key issues:

7.1 A RPS should have clearly defined, achievable, and (where feasible) measurable goals concerning
interoperability, e.g., in the areas of minimum service levels, risk management expectations, and business
priorities. An RPS should have established mechanisms for the regular review of the efficiency and
effectiveness of interoperability.
7.2 Interoperability should be designed to meet the current and future needs of its participants and the
markets it serves.

7.3 The establishment of interoperability should not put the balance of RPEs at risk in terms of risk
management and efficiency.

67. Interoperability should be consistent with the objective to improve payment system efficiency and
effectiveness. Interoperability should facilitate the clearing of payments by ensuring a single gateway to
multiple systems and jurisdictions (in case of cross-border arrangements). Furthermore, the establishment
of interoperability agreements should support the relevant public policies, e.g., by facilitating the exchange
of payments domestically or internationally and improving the reachability of the RPS participants and their
customers. The ultimate objective of interoperability should be to improve efficiency when settling payments
initiated by any customer in terms of shortening the settlement time and reducing the fees for processing
payments.
68. To ensure efficiency for its users, an interoperability agreement should be designed with the users’
current and future needs in mind. These may include the size of their activity (number of payments), the

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