Governance of Retail Payment Systems : Keeping Pace with Changing Markets
As innovation in retail payments continues and the systems evolve, effective governance of them becomes more complicated and increases in importance. Retail payment systems are essential for the economy to function efficiently, and more and more, t...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/undefined/539601630306074694/Governance-of-Retail-Payment-Systems-Keeping-Pace-with-Changing-Markets http://hdl.handle.net/10986/36210 |
| Summary: | As innovation in retail payments
continues and the systems evolve, effective governance of
them becomes more complicated and increases in importance.
Retail payment systems are essential for the economy to
function efficiently, and more and more, they are something
on which all individuals rely on in order to participate in
economic life. Effective governance arrangements of retail
payment systems are critical not just for the stability,
reliability, and efficiency of the financial system but also
for its capacity to manage and respond to the changing
policy and market environment. Governance calls for focused
attention, and retail payment systems deserve and require
distinct and specific guidance regarding governance. This is
because issues related to retail payment system governance
go beyond the typical corporate issues, precisely because of
the underlying public interest and the broader public policy
objectives of safety and efficiency. This paper provides
context and considerations regarding the governance of
retail payment systems within this changing environment. It
provides examples of approaches specific to the governance
of retail payment systems and the different factors that
influence and guide them. It refers to related legal
frameworks, principles, and reference materials that may be
useful in conducting reviews. And it draws on and shares
examples of the challenges, frameworks, and arrangements of
specific countries and systems. The paper provides specific
guidance for practical matters, such as the regular
assessment and revision of governance arrangements, the
importance of acknowledging public interest, maintaining
access rules that are in line with market needs and
developments, achieving and maintaining a high degree of
transparency regarding governance, and in ensuring that the
board and management have the right skills and knowledge.
The paper concludes with several themes for consideration
that will help authorities and other relevant stakeholders
navigate the topic of governance for retail payment systems. |
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