Page 54 - ITU-T Focus Group Digital Financial Services – Interoperability

ITU-T Focus Group Digital Financial Services
Interoperability

efficiency of the channels currently used for clearing payments, and the jurisdictions within which they exchange
payments. The decision on whether to establish interoperability should be based on a cost-benefit analysis.

69. Interoperability is effective when it allows for exchanging payments reliably and in a timely manner,
and when it allows to achieve the public policy goals of safety and efficiency for participants and the
markets it serves. In the context of oversight, interoperability effectiveness requires meeting service and
security requirements. To facilitate assessments of effectiveness, an RPS should have clearly defined goals and
objectives. For example, it should set minimum service level targets (such as the time it takes to exchange a
payment).
70. The efficiency and effectiveness of interoperability should be measurable. A RPS should have established
mechanisms for the regular review of interoperability efficiency and effectiveness, such as periodic measurement
of its progress against its goals and objectives.

71. Interoperable systems should provide users with practical services. Rules and solutions to establish
interoperability should consider market practices and technology and/or accommodate internationally
accepted communication procedures and standards adhered to by participating RPEs.

GOVERNANCE

Principle 8: The governance of interoperable systems should be clear and transparent, promote the safety and
efficiency of interoperability, and support the objectives of relevant stakeholders and relevant public interest
considerations.

Key issues:

8.1 The governing bodies of RPSs should formulate a clear strategy on the establishment of an interoperability
agreement, which should be disclosed to owners, relevant authorities, RPEs, other RPSs, and users.
8.2 The governing bodies of RPEs participating in an interoperability agreement should be responsible for
ensuring the efficient and safe provision of interoperable services.
8.3 A RPS should have objectives that place a high priority on the safety and efficiency of interoperability
and explicitly support the public interest.
8.4 Governance should ensure whether a decision to establish interoperability appropriately reflects the
objectives and interests of the relevant stakeholders and, if so, how.
8.5 A RPS involved in an arrangement should set rules for the exchange of data, sharing relevant information
with relevant stakeholders, and consulting them when needed.
72. Interoperability may represent a significant strategic objective of RPS development, as it increases
reachability and allows RPSs to expand their service provision. The governing bodies (board of directors,
management, and staff) of interoperable systems should define a clear strategy regarding the establishment
of interoperability arrangements, which should be disclosed to owners, relevant authorities, RPEs, users, and
other RPSs, and should be ultimately responsible for ensuring safe and efficient interoperable services. The
governing bodies of the RPS should put in place a well-defined policy framework to govern interoperability.

73. Any decision pertaining to the establishment or dismantling of an interoperability agreement should be
taken in the context of an open, transparent, and inclusive decision-making process. It should be ensured
that the relevant stakeholders are consulted and that their interests are addressed as much as possible. This
implies that the governance of the interoperability should, at the very least, include the relevant stakeholders.
The relevant stakeholders should be consulted prior to the establishment of an interoperability agreement.
Also, the relevant stakeholders should be notified of any change affecting it once the agreement is established.

74. Interoperability entails relationships between several parties. The division and sharing of responsibilities
for the operation of interoperability must be determined. Some decisions regarding interoperability might need
to be taken collectively. Therefore, all the parties involved should preferably implement formalized mechanisms
for taking decisions on, for example: (i) the alignment of business strategies; (ii) problems encountered in

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