Global Payments Week Africa-Asia Regional Group Meeting. September 20, 2016 Turin, Italy

Transcription

1 Global Payments Week Africa-Asia Regional Group Meeting September 20, 2016 Turin, Italy

2 Objectives of AA Regional Group Meeting Getting know each other and networking Sharing experiences on retail payments development, policy and oversight practices Exchanging views and identifying possible solutions available from different countries and regions Identifying how similar experiences can be shared in practice for the next steps 2

3 Africa-Asia Regional Group Meeting 3

4 The importance of payment and settlement systems promote economic development: Payment systems reduce the costs of exchanging goods and services in a market economy, and is indispensable for the functioning of the money and capital markets support financial stability: Payment systems: (i) reduce systemic and settlement risks through RTGS technology, PvP (e.g. forex), and DvP (e.g. securities); (ii) act as firewall to prevent contagion of losses (systemic risk); (iii) facilitate proper liquidity management foster financial inclusion: Payment systems provide for an entry point and a platform for broader financial services. Effective and contestable payment markets enhance the quality and cost-efficiency of all types of payments, including migrant remittances 4

5 Payment systems: areas of intervention WB advocates for a holistic approach to payment system Payment systems as a composite set of systems, standards, rules, instruments, legal/institutional framework not just technology/infrastructure Legal & regulatory framework Large-value payment systems Mainly government / public authority-led Public-private initiative Retail payment systems & services Government payments Securities / derivatives clearing and settlement systems Interbank money market Oversight Crossborder payments and int. remittances Cooperative framework 5

6 International standards and best practices The World Bank, together with the BIS-CPSS, plays an important role in developing standards and policy advice documents Area Large-value payment systems Reference CPSS-IOSCO Principles for Financial Market Infrastructures (PFMI report) (2012) Foreign exchange CPSS: Settlement risk in FX transactions + Progress Reports (1998 and 2008) Securities settlement Payment system oversight Retail Payments CPSS-IOSCO Recommendations for Securities Settlement Systems (2001) CPPS-IOSCO Principles for Financial Market Infrastructures (PFMI report) (2012) CPSS: Central Bank Oversight of Payment and Settlement Systems (2005) World Bank/CEMLA: The Oversight of the Payments Systems: A Framework for the Development and Governance of Payment Systems in Emerging Economies (2001) Upcoming: World Bank Oversight Handbook (2014) World Bank Retail Package (2012) World Bank Guidelines for the Development of Government Payment Programs (2012) CPSS: Policy Issues for Central Banks in Retail Payments (1995) Remittances CPSS-WB General Principles for International Remittance Services (2001) Cross-cutting issues CPSS: The Interdependencies of Payment and Settlement Systems CPSS: General Guidance for National Payment System Development CPSS-IOSCO: Recovery of financial market infrastructures CPSS-IOSCO: Authorities' access to trade repository data CPSS-IOSCO: OTC derivatives data reporting and aggregation requirements; Public quantitative disclosures (consultative report) CPSS: Cross-border Collateral Arrangements 6

7 Sustained growth of cashless transactions (GPSS 2012) 7

8 Closing the gap in payment cards infrastructure (GPSS 2012) Full ATM Region interoperability EAP 33% ECA 50% LAC 58% MNA 77% SA 40% SSA 37% Euro area 93% Other EU members 100% ODC 71% Full POS terminal Region interoperability EAP 33% ECA 43% LAC 50% MNA 77% SA 20% SSA 41% Euro area 87% Other EU members 100% ODC 64% Payment cards used as payment Region instruments EAP 40% ECA 36% LAC 63% MNA 54% SA 20% SSA 26% Euro area 87% Other EU members 73% ODC 93% 8

9 Global Total Average Cost for Sending USD200* (RPW 2016 Q3) 9

10 09:00 9:15 Opening Remarks: Isaku Endo, Senior Payment Systems Specialist, the World Bank 09:15 10:30 Discussions on Recent Developments in Retail Payments 10:30 11:00 Coffee Break Reserve Bank of Zimbabwe: Retail Payments Developments in Zimbabwe. The Central Bank of the Philippines: Remittances and National Retail Payment System National Bank of Cambodia: Improving payment systems infrastructures with FAST payment system Q & A 11:00 12:00 Discussions on oversight of retail payments Bank Negara Malaysia: Oversight and policy implementation of reducing paper-based instruments South African Reserve Bank: SADC Payments initiatives and regional oversight Q & A 12:00 12:45 Discussions on oversight of retail payments for payments 12:45 13:00 Closing Remarks: Isaku Endo 13:00 14:00 Lunch Break (Lunch will be served at the Biblioteca Nazionale and participants will be escorted to the venue)

11 Thank you remittanceprices.worldbank.org