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C. Oversight principles for interoperability in RPS 38

III Payment System Interoperability and Oversight: The International Dimension 48

Executive Summary 49

International Interlinking of Payment System Infrastructures 51
A. Drivers of international payment system infrastructures (PSIs) interlinking 51
B. Modalities of international PSI interlinking 51
C. Examples of international PSI interlinking 53

PSI interlinking and interoperability 58
A. National Interoperability 58
B. International interoperability: At the regional level 59
C. Challenges and risks of international interoperability 60

Implications for Oversight Policy 63
A. The cross-border dimension of payment system oversight 63
B. Oversight principles for international payment system interoperability 65

Annex 1: Oversight of payment systems in the SADC 72

IV Access to Payment Infrastructures 74

Executive Summary 76

1 Involvement of banks and non-banks in the payments business 78

2 Payment infrastructures 78

3 Types of access to payment infrastructures 80
A. Access for PSPs 80
B. Other variants of access to payment infrastructures for PSPs 81
C. Access for operators of other payment systems 81

4 Legal & regulatory, ownership and governance aspects 82
A. System access rules 82
B. International standards and other guidance 83
C. Ownership and governance of payments infrastructures 84

5 International evidence and trends 85
A. Access to RTGS systems 85
B. Access to ACHs 86

6 Insights and conclusions 87
A. Implications for operators, banks and non-banks 87
B. Implications for central banks and other authorities 88

Annex I: Case studies 89

Bibliography 92

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