Current Payment System in Palestine
|
|
- Duane Carpenter
- 5 years ago
- Views:
Transcription
1
2 Current Payment System in Palestine PMA established in 1995 according to Oslo accords. There are 19 banks operating in Palestine, with 210 branches 350 money exchangers most licensed by PMA. No national currency 4 currencies used in Palestine, US $, Jordan Dinar JOD, Israeli shequel ILS, and Euro. Two Cheque clearing houses operating in Gaza and Ramallah, one daily clearing session, Quasi manual clearing, No encoding,sorting,trancations or storage of cheques. Cash is the main important means of payment in Palestine followed by cheques. Incomplete and weak legal and regulation framework to support the financial markets activities particularly in payment and securities settlement areas.
3 Current situation Noncash pay instruments usage is growing but remains modest and dominated by cheques and paper based direct transfer orders. Settlement carried out on PMA accounting system on gross basis on Multilateral Net Settlement on (DNS)basis. No unwinding procedures if settlement fails. No public securities issued(pma,pna)some private sector securities issued and traded in Palestine stock market under supervision of Palestine Capital Market Authority. Currently no interbank electronic switching capability for card transactions, hence all ATM and POS transactions are confined to their respective issuing banks. As at the end of 2009,there are 315 ATMs, debt cards and visa electron,30,000 Credit cards,1745 POS terminals in more than 500 merchants.
4 The way forward to Reforms PMA Top Management through its adapting Strategic Transforming Plan(STP)to transfer PMA toward Afull fledge central bank decided payment system reforms will be one of the top priorities. In order to obtain appropriate funding and Guidance in the overall reforms, the PMA requested external support and technical assistance from the World Bank, Arab Monetary Fund and Banca Ditalia to play advisory role in the project,wb accepted to fund ata program and paysys advisory services provided by WBPSG started on march AMF is funding the bulk of the system implementation
5 VISION FOR THE NPS:The study undertaken by the World Bank produced a vision for the National Payment System in terms of 9 pillars. These pillars are explained below based on two stage approach. the first stage covers the first 5 pillars as short term which will span over 2-3 years and the second stage covers the last 4 pillars. Pillar 1: Legal framework Pillar 2: Settlement mechanisms for large value and time critical payments Pillar 3: Retail payment systems Pillar 4: Government payments Pillar 5: Cooperative framework Pillar 6: Interbank money markets Pillar 7: Securities depository, clearance and settlement arrangements Pillar 8: International remittance services Pillar 9: Oversight framework
6 Items 6 to 9 were viewed as longer term objectives in the original strategy. The World Bank framework identified the following vision statements for each pillar:
7 Pillar 1: Legal framework Payment systems in Palestine work in a sound and robust legal environment that is able to support settlement finality and the efficiency of payment arrangements. To ensure finality and irrevocability of both payment and settlement. enable management reduction and containment of systemic and other payment risks. No zero hour rule in PNPS. PMA strongly support and encourage as fundamental to ensuring Stability and efficiency legislation on clearing and settlement of payment and securities orders including rules on collaterals. payment system oversight electronic transfers to permit full recognition of modern ways of payment and support interoperability. Presidential Decree will be signed to cover the above issues.
8 Pillar 2: Settlement mechanisms for large value and time critical payments (BURAQ RTGS).Settlement mechanisms for large value and time critical payments in Palestine are safe and efficient and comply fully with the Core Principles for Systemically Important Payment Systems We will launch our RTGS on 1 st November 2010 as the backbone for the National Payment System. Management tools to handle liquidity risks. mobilizing the compulsory reserve for daily liquidity. Swift as the primary Network Carrier. Access criteria including exit and exclusion be clearly defined. Multicurrency's will be settled through BURAQ rtgs. We installed the system and last week we successfully finished the pilot testing with the participants.
9 Pillar 3: Retail payment systems Retail payment systems in Palestine are efficient, sound and interoperable and support a wide range of payment instruments and services..pma will continue to play a role in retail system as settlement agent, operator,participante,overseer and as catalyst for change. PMA clearing house in Palestine are appropriately linked to the RTGS application for settlements. We are working to launch clear component in next April 2011 all retail systems will be overseen by PMA in terms of their safety and efficiency.
10 Pillar 4: Government payments Government collections and disbursements are fully and efficiently integrated with the National Payments System in Palestine and support its smooth functioning. Highly co-operation between PMA and Ministry of Finance to handle all the government payments
11 Pillar 5: Cooperative framework Effective, structured and fruitful cooperation is in place within the NPS..A national Payment council is created in Palestine under the leadership of the PMA. -NPC include representatives from all major stockholders PMA,banks,banks association in palestine,palestine Capital Market Authority,minstry of finance. highly Co-operation between all parties.
12 Pillar 6: Interbank money markets - Interbank Money Markets are fully developed and closely integrated with settlement systems. -The interbank money market is an important element for liquidity management and its improvements should run in parallel to those of settlement systems.
13 Pillar 7: Securities depository, clearance and settlement Arrangements -Securities Clearance, Settlement and Depository Systems are safe and efficient, fully comply with international standards, and contribute to support the development of capital markets.. Securities settlement system in Palestine will comply wit the CPSS- IOSCO recommendations for securities settlement systems. Negotiation and co-operation with Palestine Capital Market Authority for the settlement of the Palestine stock Market transactions through RTGS. The settlement of securities and funds will be linked to allow these securities transactions be settled on a DVP basis, thus eliminating principle risks.
14 Pillar 8: International remittance services International family remittances and other cross-border payments are distributed rapidly and conveniently in Palestine, and are also efficient from the perspective of the cost for end users at both ends. PMA will work with the market to ensure that international remittance services in Palestine comply with the CPSS-WB general principles. PMA will ensure the regulatory perspective covers payment system issues in particular efficiency, transparency, and risk management in addition to traditional Issues of balance of payment, and money laundry in coordination with other authorities.
15 Pillar 9: Oversight framework The oversight and supervisory framework for payments and securities settlement systems is clearly defined, and the PMA exercises its oversight authority effectively in cooperation with other regulators and supervisors PMA tends to exercise effectively the function of payment system oversight in Palestine, and PMA seeks legal empowerment to establish the oversight anchor. PMA will oversee all clearing and settlement arrangements in Palestine including retail payments.
16 Lessons learned Legal framework has an essential role in pay-sys reforms success and it must be strong and highly protected and clearly covers oversight function. adapting reforming on phases is the best way for pay-sys reforms success. Consulting, co-operations and commitments of all participants and stakeholders is crucial and very important for success. Having a clear reform Plan is very crucial. Consult and sharing experience with others to start from where the others ends.
17
Report on. Payment Systems Oversight. in Palestine
Report on Payment Systems Oversight in Palestine 2013 Report No. 1 Report on Payment Systems Oversight in Palestine 2013 Report No. 1 Prepared by the Payment Systems Oversight Unit May, 2014 A letter
More informationPayments Systems Paper
Payments Systems Paper on Adoption of Committee on Payment and Settlement Systems (CPSS) and International Organization of Securities Commissions (IOSCO) Principles for Financial Market Infrastructures
More informationThe Strategic Approach to Reforming Payments and Securities Settlement Systems
GLOBAL PAYMENT SYSTEM CONFERENCE REDESIGNING THE LANDSCAPE OF PAYMENT SYSTEMS WORLD BANK Cape Town, SOUTH AFRICA, April 7-10, 2009 The Strategic Approach to Reforming Payments and Securities Settlement
More informationThe Eurosystem oversight policy framework
The Eurosystem oversight policy framework Klaus Löber Head of Oversight Division Frankfurt, 30 September 2009 1 Content Rationale for Oversight Organisation Scope of Oversight Large-value payments systems
More informationPAYMENT AND SETTLEMENT SYSTEMS IN KOSOVO
PAYMENT AND SETTLEMENT SYSTEMS IN KOSOVO F e b r u a r y 2 0 1 7 Payment and Settlement Systems in Kosovo February 2017 BANKA QENDRORE E REPUBLIKËS SË KOSOVËS CENTRALNA BANKA REPUBLIKE KOSOVA CENTRAL BANK
More informationCooperation Among Authorities Case Study - CLS Oversight Committee
Cooperation Among Authorities Case Study - CLS Oversight Committee Payment System Policy and Oversight Course May 17, 2016 Important Note The views expressed in this presentation do not necessarily reflect
More informationThe Central Bank of the Republic of Azerbaijan. Oversight Conception on Payment Systems
The Central Bank of the Republic of Azerbaijan Oversight Conception on Payment Systems Baku - 2005 1 Contents Page 1. Conceptual grounds for the oversight on payment systems 3 2. Economic efficiency of
More informationArab Bank Fees and Charges Sheet as Per PMA Regulation No. 4/2016 that related to Regulation No. 7/2014
Arab Bank Fees and Charges Sheet as Per PMA Regulation No. 4/01 that related to Regulation No. /014 # Description Commission s Details Remittances 1 Inward remittances for non AB customers 0.%, Max 0 USD,
More informationImportance of the oversight function for financial market infrastructures: General framework and objectives
Importance of the oversight function for financial market infrastructures: General framework and objectives Workshop on payments systems oversight Kingston, Jamaica 5 December 2012 Klaus Löber CPSS Secretariat
More informationPAYMENT SYSTEMS IN THE ARAB COUNTRIES
PAYMENT SYSTEMS IN THE ARAB COUNTRIES -Africa- WORLD BANK CONFERENCE REDEFINING THE LANDSCAPE OF PAYMENT SYSTEMS 7-10 APRIL 2009 CAPE TOWN-SOUTH AFRICA RAMZY HAMADEH 1 PAYMENT SYSTEMS IN THE ARAB COUNTRIES
More informationPayment and Settlement Systems Developments and Challenges
Payment and Settlement Systems Developments and Challenges Ms. Charulatha Kar Reserve Bank of India SAARC Finance Seminar Kathmandu, Nepal 05 September, 2014 1 2 Presentation Overview Developments in Payment
More informationFirst project management meeting for reducing cash transactions in Kosovo. December 2, 2010
First project management meeting for reducing cash transactions in Kosovo Project management group within the National Payments Council (NPC) December 2, 2010 CENTRAL BANK OF THE REPUBLIC OF KOSOVO 1.
More informationCyber Threats to the Financial Market Infrastructures: The Authorities Perspective
Cyber Threats to the Financial Market Infrastructures: The Authorities Perspective Massimo Cirasino Practice Manager, Finance and Markets Global Practice FinSAC Regional Seminar on Cyber Preparedness May
More informationThe Bank of Japan Policy on Oversight of Financial Market Infrastructures
The Bank of Japan Policy on Oversight of Financial Market Infrastructures March 2013 Bank of Japan This is an English translation of the Japanese original published on March 12, 2013. Contents I. Introduction
More informationDANMARKS NATIONALBANK ASSESSMENT OF KRONOS
DANMARKS NATIONALBANK ASSESSMENT OF KRONOS DANMARKS NATIONALBANK ASSESSMENT OF KRONOS ASSESSMENT OF KRONOS Text may be copied from this publication cost-free provided that Danmarks Nationalbank is specifically
More informationPayment Systems Annual Report 2007
Payment Systems Annual Report 2007 Reserve Bank of Malawi April 2008 1 1.0 FOREWORD Malawi s payment system is coming from a past where cash and cheques provided the only means of executing payments. The
More informationIssues in retail payment systems in emerging markets: the World Bank perspective
Issues in retail payment systems in emerging markets: the World Bank perspective Retail payments: integration and innovation A joint conference by the European Central Bank and De Nederlandsche Bank Frankfurt,
More informationTaiwan Depository & Clearing Corporation. Disclosure Report (SSS)
Taiwan Depository & Clearing Corporation Principles for Financial Market Infrastructure Disclosure Report (SSS) (For Emerging Stocks traded over the Emerging Stock Market and Bonds traded over the counter)
More informationInternational Monetary Fund Washington, D.C.
2010 International Monetary Fund May 2010 IMF Country Report No. 10/123 United States: Publication of Financial Sector Assessment Program Documentation Technical Note on Selected Issues on Oversight of
More informationMeasuring Payment System Development
Measuring Payment System Development Cape Town, April 7th, 2009 Jose Antonio Garcia Payment Systems Development Group Background, Rationale and Purpose for obtaining Payment Systems Indicators Requested
More informationInstant Payments Adapting to a worldwide trend. Matthias Schmudde, Deutsche Bundesbank
Instant Payments Adapting to a worldwide trend Possible use cases Advantages of instant payments Payments are immediately available for the beneficiary at all times Payments are processed 24/7/365 Full
More informationCore Principles for Systemically Important Payments Systems and Their Application in Canada
Core Principles for Systemically Important Payments Systems and Their Application in Canada Clyde Goodlet, Department of Monetary and Financial Analysis Payments systems are at the centre of domestic and
More informationPalestinian Population Total Population: 11.6 M
Palestinian Population Total Population: 11.6 M 3 K 25 K 2 K 15 K 1 K 5K 5K 1 K 15 K 2 K 25 K 3 K 8 1+ 18 93 95-99 29 676 2,51 9-94 85-89 1,228 4,168 Literacy Rate 6,5 8-84 9,492 1,945 14,958 75-79 7-74
More informationPalestinian Population Total Population: 11.6 M
Palestinian Population Total Population: 11.6 M 3 K 25 K 2 K 15 K 1 K 5K 5K 1 K 15 K 2 K 25 K 3 K 8 1+ 18 93 95-99 29 676 2,51 9-94 85-89 1,228 4,168 Literacy Rate 6,5 8-84 9,492 1,945 14,958 75-79 7-74
More informationTHESADC COUNTRY PROGRESS REPORT ON LESOTHO NATIONAL PAYMENT SYSTEM FOR PERIOD APRIL 2011 TO MARCH 2012
THESADC COUNTRY PROGRESS REPORT ON LESOTHO NATIONAL PAYMENT SYSTEM FOR PERIOD APRIL 2011 TO MARCH 2012 1.0 INTRODUCTION Lesotho continued in earnest to reform and modernise its national payments system
More informationPROMOTION OF E-PAYMENTS IN TRINIDAD & TOBAGO
PROMOTION OF E-PAYMENTS IN TRINIDAD & TOBAGO February 6, 2014 Presentation to Bankers Association of Trinidad and Tobago Held at First Citizens Bank, Queens Park East OUTLINE Background on Electronic Payments
More informationLEBANON: PAYMENT SYSTEMS AND PAYMENT MEDIA. BANQUE DU LIBAN June 2003
LEBANON: PAYMENT SYSTEMS AND PAYMENT MEDIA BANQUE DU LIBAN June 2003 LEBANON EXCHANGE & PAYMENT SYSTEMS Lebanon s exchange and external payments system is characterised by: No restrictions on current payments
More informationTaiwan Depository & Clearing Corporation. Principles for Financial Market Infrastructure. Disclosure Report (CSD)
Taiwan Depository & Clearing Corporation Principles for Financial Market Infrastructure Disclosure Report (CSD) 1 Taiwan Depository and Clearing Corporation PFMI Information Disclosure Report (CSD) Responding
More informationTaiwan Clearing House. Principles for Financial Market Infrastructures. Disclosure Report
Taiwan Clearing House Principles for Financial Market Infrastructures Disclosure Report Taiwan Clearing House June 30, 2016 Contents I. Executive Summary... 2 II. Summary of Major Changes Since Last Update...
More informationGlobal Payments Week Africa-Asia Regional Group Meeting. September 20, 2016 Turin, Italy
Global Payments Week Africa-Asia Regional Group Meeting September 20, 2016 Turin, Italy Objectives of AA Regional Group Meeting Getting know each other and networking Sharing experiences on retail payments
More informationManaging change in payment systems
Managing change in payment systems William J. McDonough It is a pleasure to be here today to open this conference on managing change in payment systems. We have three important topics to cover today: payment
More information3. Payments PayMentS
3. Payments The Bank has a broad responsibility in the area of payments and adopts two different regulatory roles over the payments landscape ; i.e. oversight and prudential supervision as described in
More informationThe Evolution of Payment and Settlement Systems and the Role of Central Banks
December 2, 2014 B ank of Japan The Evolution of Payment and Settlement Systems and the Role of Central Banks Speech at the Symposium for the 30th Anniversary of the Center for Financial Industry Information
More informationPost-market infrastructures and financial stability
Post-market infrastructures and financial stability FRÉDÉRIC HERVO, THOMAS ROS Directorate General Operations Division for the Studies and Oversight of Payment and Securities Settlement Systems Post-market
More informationPayment System in Nepal: Status, Progress and Initiatives
Payment System in Nepal: Status, Progress and Initiatives Ramu Paudel Deputy Director Payment & Settlement Policy Unit Nepal Rastra Bank 16th SAARC Payment Council Meeting 3rd March 2015 Objectives, strategy
More informationRegulation and Supervision of Systemically Important Financial Market Infrastructures
Regulation and Supervision of Systemically Important Financial Market Infrastructures Sylvie Mathérat Deputy General Director - Operations Banque de France PLAN I. Systemic Infrastructures II. FMI regulation
More informationEUROSYSTEM OVERSIGHT policy FRAMEWORK
EUROSYSTEM OVERSIGHT policy FRAMEWORK 1 Introduction Payment and settlement systems play an important role for the stability and efficiency of the financial sector and the euro area economy as a whole.
More informationIFC DIGITAL SCOPING COUNTRY REPORT: PALESTINE. Margarete Biallas Khaled Walid Qutob Mati Malamund
IFC DIGITAL SCOPING COUNTRY REPORT: PALESTINE Margarete Biallas Khaled Walid Qutob Mati Malamund ABBREVIATIONS AML: BoP: GS: JTC: KYC: MFI: MTIT: PA: PCMA: PEX: PMA: PTRA: SLIs: TNB: WB: Anti Money Laundering
More informationEUROPEAN COMMISSION S PUBLIC CONSULTATION ON DERIVATIVES AND MARKET INFRASTRUCTURES
EUROPEAN COMMISSION S PUBLIC CONSULTATION ON DERIVATIVES AND MARKET INFRASTRUCTURES EUROSYSTEM CONTRIBUTION 1 INTRODUCTION With a view to meeting the G20 s commitment to promote resilience and transparency
More informationBANKA QENDRORE E REPUBLIKËS SË KOSOVËS CENTRALNA BANKA REPUBLIKE KOSOVA CENTRAL BANK OF THE REPUBLIC OF KOSOVO. Payment System
BANKA QENDRORE E REPUBLIKËS SË KOSOVËS CENTRALNA BANKA REPUBLIKE KOSOVA CENTRAL BANK OF THE REPUBLIC OF KOSOVO Payment System Prishtina, 2015 4,189,779 4,329,678 6,793,430 9,051,427 9,835,056 5,086,557,617.44
More informationOVERSIGHT EXPECTATIONS FOR LINKS BETWEEN RETAIL PAYMENT SYSTEMS
OVERSIGHT EXPECTATIONS FOR LINKS BETWEEN RETAIL PAYMENT SYSTEMS Introduction Oversight of payment systems, which aims to ensure the smooth functioning of payment systems and to contribute to financial
More informationCPSS-IOSCO public information about Clearing Service.Austria
Logistik für Wertgestionierung und Transportkoordination Gesellschaft m. b. H. Results of the 2013 System Assessment CPSS-IOSCO public information about Clearing Service.Austria Assessment Procedure The
More informationNational Payment System Department. Consultation Paper. Processing of Payments in South Africa
National Payment System Department Consultation Paper Processing of Payments in South Africa November 2018 1 Contents 1. BACKGROUND AND INTRODUCTION... 3 2. PURPOSE AND SCOPE... 6 3. PROBLEM STATEMENT...
More informationBank of England Settlement Accounts
Bank of England Settlement Accounts July 2017 Contents Foreword 3 1. Payment systems and the role of the central bank 4 Payment systems 4 Settlement in central bank money 4 Intraday liquidity 4 Use of
More informationDr. Gabriel MOUGANI Chief Regional Integration Coordinator West Africa Regional Development and Business Delivery Office (RDGW)
Financing Development: Experiences from Africa, Asia and Latin America The African Development Bank s role and experiences in supporting regional payments systems programs & initiatives in Africa: key
More informationFramework for the assessment of Securities Settlement Systems and links to determine their eligibility for use in Eurosystem Credit Operations 1
EUROPEAN CENTRAL BANK Framework for the assessment of Securities Settlement Systems January 2014 Framework for the assessment of Securities Settlement Systems and links to determine their eligibility for
More informationInternational Monetary Fund Washington, D.C.
2005 International Monetary Fund January 2005 IMF Country Report No. 05/22 Philippines: Report on Observance of Standards and Codes Payment Systems This Report on the Observance of Standards and Codes
More informationImportance of financial infrastructure to increase Access to Finance
Building a high performance SME business in the MENA Region Arab Monetary Fund & International Finance Corporation Dubai, 7-8 May 2013 Importance of financial infrastructure to increase Access to Finance
More informationBanco de México s Policies and Functions Regarding Financial Market Infrastructures 1
Banco de México s Policies and Functions Regarding Financial Market Infrastructures August 2016 Banco de México s Policies and Functions Regarding Financial Market Infrastructures 1 NOTE This text is provided
More informationRequest for Comments on the Proposed Bank of Japan Policy on Oversight of Offshore Yen Payment Systems
March 19, 2010 Bank of Japan Request for Comments on the Proposed Bank of Japan Policy on Oversight of Offshore Yen Payment Systems The Bank requests comments on the attached proposed "Policy on Oversight
More informationEnabling agent banking: the legal, regulatory, and oversight framework *
Enabling agent banking: the legal, regulatory, and oversight framework * Agent Banking: Expanding Access to Payment and Remittance Services Achievements and Opportunities Brasilia, Brazil, 12 March 2014
More informationREPUBLIC OF KOREA FINANCIAL SECTOR ASSESSMENT PROGRAM
FINANCIAL SECTOR ASSESSMENT PROGRAM IMF Country Report No. 14/308 October 2014 DETAILED ASSESSMENT OF COMPLIANCE ON THE CPSS-IOSCO PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES BOK-WIRE+ AND KRX CPP
More informationmechanisms will facilitate inter-regional commerce within a country and help stimulate regional economies. Concerted educational campaigns driven by t
A vision for electronic card payments N Essame 1 Economic and social benefits of electronic payments for transitional economies Numerous studies around the world have concluded that the growth of electronic
More informationPalestine Monetary Authority (PMA)
Palestine Monetary Authority (PMA) Financial Stability Report (FSR) 2010 Research and Monetary Policy Department July, 2011 Vision To be a full-fledged and a modern central bank for an independent and
More information4 Payment services and payment systems
4 Payment services and payment systems 4.1 PAYMENT SERVICES The principal legal regulation governing payment services and payment systems in Slovakia is Act No 492/29 on payment services and amending certain
More informationDisclosure Report on BAHTNET Self-Assessment against the Principles for Financial Market Infrastructures
Disclosure Report on BAHTNET Self-Assessment against the Principles for Financial Market Infrastructures May 2018 Payment and Bond Department Bank of Thailand Table of Contents 1. Executive Summary...
More informationMOBILE MONEY IN LIBERIA
MOBILE MONEY IN LIBERIA MARCH 2016 PRESENTED BY: MICHAEL B. OGUN DEPUTY DIRECTOR REGULATION & SUPERVISION DEPARTMENT CENTRAL BANK OF LIBERIA 1 Introduction Liberia has a population of about 4.4 million.
More informationJAMAICA. FINANCIAL INFRASTRUCTURE TECHNICAL NOTE April 2015 FINANCIAL SECTOR ASSESSMENT PROGRAM DEVELOPMENT MODULE THE WORLD BANK GROUP
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized FINANCIAL SECTOR ASSESSMENT PROGRAM DEVELOPMENT MODULE JAMAICA FINANCIAL INFRASTRUCTURE
More informationPrinciples for Financial Market Infrastructures: Disclosure for HKD CHATS
Principles for Financial Market Infrastructures: Disclosure for HKD CHATS Responding Institution(s): Jointly prepared by HKMA and HKICL in the capacity of the Settlement Institution and System Operator
More informationOur Journey. The journey begins. Creation of All Rajhi Trading & Exchange Corporation. Conversion of Al Rajhi to a joint Stock Exchange Company
Introduction Founded in 1957, Al Rajhi Bank ( Al Rajhi or ARB ) is one of the largest Islamic banks globally. With assets of USD 59 billion plus, equity of over USD 8 billion and a team of 7,5 employees,
More informationSelf-assessment of the Bank of England s Real-Time Gross Settlement Service against the Principles for Financial Market Infrastructures
Self-assessment of the Bank of England s Real-Time Gross Settlement Service against the Principles for Financial Market Infrastructures July 2016 Contents Contents... i I. Preface... iii II. Executive
More informationLegal art. 5 of the Law on the NBM, one of the core functions is supervision (oversight) of the System of Payments in the country; CPSS, BIS report
Legal art. 5 of the Law on the NBM, one of the core functions is supervision (oversight) of the System of Payments in the country; CPSS, BIS report of 2005 Central bank oversight of payment and settlement
More informationAssessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs
Assessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs The ESES CSDs/SSSs (central securities depositories / securities settlement systems) comprise Euroclear Belgium (EBE), Euroclear
More informationPrinciples for Financial Market Infrastructures: Disclosure for HKD CHATS
Principles for Financial Market Infrastructures: Disclosure for HKD CHATS Responding Institution(s): Jointly prepared by HKMA and HKICL in the capacity of the Settlement Institution and System Operator
More informationA new RTGS service for the United Kingdom: safeguarding stability, enabling innovation
Press Office Threadneedle Street London EC2R 8AH T 020 7601 4411 F 020 7601 5460 press@bankofengland.co.uk www.bankofengland.co.uk 16 September 2016 A new RTGS service for the United Kingdom: safeguarding
More informationEurosystem oversight report 2014
Eurosystem oversight report 2014 30 February 2015 6E E 3,5E 6E E E 80 100% 53% E 6E 7,5E European Central Bank, 2015 Postal address 60640 Frankfurt am Main Germany Telephone +49 69 1344 0 Website www.ecb.europa.eu
More informationREDUCING SYSTEMIC RISK AND ENHANCING MARKET EFFICIENCY IN EUROPE: THE ROLE OF A CENTRAL DATA REPOSITORY
REDUCING SYSTEMIC RISK AND ENHANCING MARKET EFFICIENCY IN EUROPE: THE ROLE OF A CENTRAL DATA REPOSITORY Response by The Depository Trust & Clearing Corporation to the European Commission s consultation
More informationPrinciples for Financial Market Infrastructures: Disclosure for Euro CHATS
Principles for Financial Market Infrastructures: Disclosure for Euro CHATS Responding Institution(s): Jointly prepared by SCBHK and HKICL in the capacity of the Settlement Institution and System Operator
More informationSettlement A Plan of Action
GLOBAL Clearing Settlement A N D A Plan of Action G R O U P O F T H I R T Y 30 All members of the Steering Committee served in their personal capacities. The views expressed in this report do not necessarily
More informationPAYMENT SYSTEM DEPARTMENT PAYMENT SYSTEM OVERSIGHT
PAYMENT SYSTEM DEPARTMENT PAYMENT SYSTEM OVERSIGHT 2015 and the first half of 2016 Payment System Oversight Contents: Introduction... 2 1 Objectives and scope of payment system supervision/oversight...
More informationAssessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs
26/06/2015 Assessment of the ESES CSDs/SSSs against the CPMI-IOSCO Principles for FMIs The ESES CSDs/SSSs (Central Securities Depositories / Securities Settlement Systems) comprise Euroclear Belgium (EBE),
More informationChapter 9 Financial services. Central Securities Depository and Clearing House. Republic of Serbia
Chapter 9 Financial services Central Securities Depository and Clearing House Republic of Serbia 1 Chapter 9 Financial services Overview of the Legal Structure in the EU Overview of the Legal Structure
More informationPAYMENT SYSTEMS OVERSIGHT UNIT OPERATIONAL FRAMEWORK
PAYMENT SYSTEMS OVERSIGHT UNIT OPERATIONAL FRAMEWORK PSOU/OPFK/001 Version 2.0 6 August 2014 PSOU/OPFK/001 Ver 2.0 6 August 2014 1 COPYRIGHT The Central Bank of the UAE retains copyright in this document.
More informationLEGAL ASPECTS OF ELECTRONIC CLEARING AND SETTLEMENT. Payments Clearing and Settlement - Australian Framework PETER SMITH
283 LEGAL ASPECTS OF ELECTRONIC CLEARING AND SETTLEMENT Payments Clearing and Settlement - Australian Framework PETER SMITH Chief Executive Officer Australian Payments Clearing Association Ltd, Sydney
More informationThe Bank of England s oversight of interbank payment systems under the Banking Act September 2009
The Bank of England s oversight of interbank payment systems under the Banking Act 2009 September 2009 Oversight of interbank payment systems under the Banking Act 2009 1 The Bank of England s oversight
More informationMEXICO TECHNICAL NOTE ON OBSERVANCE WITH THE CORE PRINCIPLES FOR SYSTEMICALLY IMPORTANT PAYMENT SYSTEMS (CPSIPS): AN UPDATE
This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank. The World Bank does not guarantee the accuracy of the data included in this work. The
More informationDocket No. OP-1625; Potential Federal Reserve Actions to Support Interbank Settlement of Faster Payments
December 14, 2018 Via Electronic Submission Ann E. Misback Secretary Board of Governors 20 th Street and Constitution Avenue N.W. Washington, DC 20551 Re: Docket No. OP-1625; Potential Federal Reserve
More informationPrinciples for Financial Market Infrastructures: Disclosure for RMB CHATS
Principles for Financial Market Infrastructures: Disclosure for RMB CHATS Responding Institution(s): Jointly prepared by BOCHK in the capacity of the Clearing Bank for the Renminbi Business in Hong Kong
More informationCommittee on Payment and Settlement Systems
Committee on Payment and Settlement Systems Statistics on payment and settlement systems in selected countries Prepared by the Committee on Payment and Settlement Systems of the Group of Ten Countries
More informationREPUBLIC OF INDONESIA
Public Disclosure Authorized This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank. The World Bank does not guarantee the accuracy of the data
More informationTable of Contents. 1. History of NBC The Role of NBC. 2. Banking Sector Development Growth of banking sector
Table of Contents 1. History of NBC The Role of NBC 2. Banking Sector Development Growth of banking sector 3. Financial Sector Development Strategy 2006-2015 NBC challenges for a sound financial system
More informationEconomic Commentaries
NO 7 18/05/2018 18/05/2018 Economic Commentaries The Riksbank s oversight of the financial infrastructure Jill Billborn The author works in the Financial Stability Department of the Riksbank 1 The financial
More informationincluding activities of service provid- ment System (BISS) known as the Real annual Newslet- ers, products/services as well as over-
Tsa Tuelano The Botswana National Payments System Newsletter CHAPTER One T h e B o t s w a n a N a t i o n a l Pa y m e n t s S y s t e m N e w s l e t t e r VOLUME 5, 2010 Contents 1 Editor s Note 2 Payments
More informationThird Progress Report. on the. TARGET Project
Third Progress Report on the TARGET Project November 1998 European Central Bank, 1998 Postfach 16 03 19, D-60066 Frankfurt am Main All rights reserved. Photocopying for educational and non-commercial purposes
More informationRecent Payment System Developments in Bangladesh
Recent Payment System Developments in Bangladesh Bangladesh Bank Friday, May 09, 2014 Payment Systems of Bangladesh Major Components Bangladesh Automated Clearing House (BACH) National Payment Switch Bangladesh
More informationAnnals of the Constantin Brâncuşi University of Târgu Jiu, Economy Series, Issue 6/2017
THE DEVELOPMENT OF THE EUROPEAN BANKING INDUSTRY THROUGH THE TARGET PAYMENTS SYSTEM LUCIAN-ION MEDAR Professor PHD. "CONSTANTIN BRANCUSI" UNIVERSITY OF TARGU JIU, ROMANIA e-mail: lucian_iunie@yahoo.com
More informationPAYMENT SYSTEMS: THE GLOBAL SCENARIO
Chapter 3 PAYMENT SYSTEMS: THE GLOBAL SCENARIO 3.1 Introduction In order to study the payment and settlement systems in the global context, experiences in developed countries such as the European Union,
More informationEmerging from the Crisis Building a Stronger International Financial System
Secrétariat général de la Commission bancaire Emerging from the Crisis Building a Stronger International Financial System Session 4: Issues Highlighted by the Crisis: Expanding the Regulatory Perimeter
More informationFIRST Initiative Six Month Update
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized FIRST Initiative Six Month Update Strengthening Financial Sectors JANUARY JUNE 2013 FIRST
More informationBank Corporate Governance in the MENA Region
Bank Corporate Governance in the MENA Region Institute for International Finance MENA CEO Summit Dubai International Financial Centre 24 February 2008 Dr. Nasser Saidi Executive Director Hawkamah, The
More informationPrinciples for Financial Market Infrastructures: Disclosure for USD CHATS
Principles for Financial Market Infrastructures: Disclosure for USD CHATS Responding Institution(s): Jointly prepared by HSBC and HKICL in the capacity of the Settlement Institution and System Operator
More informationBANK OF BOTSWANA. National Payments System Oversight Policy
BANK OF BOTSWANA National Payments System Oversight Policy INDEX List of Acronyms. 1. Purpose and Scope of the Policy... 1 2. Authority List of Acronyms... 3 1. Purpose and Scope of the Policy... 1 The
More informationAccounts Services price list for year 2016 / 2017
Accounts Services price list for year 2016 / 2017 Minimum Opening Balance Current account opening fees Saving account opening fees without having other opened accounts Account annual fees Statement of
More informationChallenges in the development of Vietnam s payment system
Challenges in the development of Vietnam s payment system Le Phuong Lan After a long period under a centrally planned economy, Vietnam is now moving towards a market-oriented economy. In recent years,
More informationShare in money (percent) Share in liquidity (percent) , ,342
CHAPTER 14 I n 1392, in line with the development of banks' retail payment systems and quality promotion of electronic banking services, CBI made great attempts to improve transparency and standards as
More informationFinancial Reforms Completing the job and looking ahead
THE CHAIRMAN 15 September 2014 To G20 Finance Ministers and Central Bank Governors Financial Reforms Completing the job and looking ahead In Washington in 2008, the G20 committed to fundamental reform
More informationKINGDOM OF THE NETHERLANDS NETHERLANDS
IMF Country Report No. 17/92 April 2017 KINGDOM OF THE NETHERLANDS NETHERLANDS FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE REGULATION, SUPERVISION, AND OVERSIGHT OF FINANCIAL MARKET INFRASTRUCTURES
More informationSchedule of Fees and Charges (Applicable to Retail Customers)
Schedule of and Charges (Applicable to Retail Customers) Contents 1. Cash withdrawal/deposit 2 2. Certificates 2 3. Accounts 2 4. Cheques 3 5. Cards 3 6. Loans 4 7. Remittances 4 8. Invoices 5 9. Miscellaneous
More informationAccounts Services price list for year 2018
Accounts Services price list for year 2018 Minimum Opening Balance Current account opening fees Saving account opening fees without having other opened accounts Account annual fees Statement of Account
More informationMonetary Policy Implementation at Different Stages of Market Development
Monetary Policy Implementation at Different Stages of Market Development Key Findings and Conclusions by Bernard J. Laurens (International Monetary Fund) CCMS 9 TH Annual Senior Level Policy Seminar Port
More information