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Title: | The national payment systems oversight framework for the Maldives Monetary Authority September 2019 |
Authors: | World Bank ވޯލްޑު ބޭންކު |
Issue Date: | 1-Sep-2019 |
Publisher: | World Bank ވޯލްޑު ބޭންކު |
Citation: | World Bank. (2019). The national payment systems oversight framework for the Maldives Monetary Authority September 2019. |
Abstract: | A payment system is an arrangement which facilitates the transfer of funds between participants in the
system and includes a set of payment instruments, regulations, rules, standards, procedures,
infrastructure and institutions relating to clearing and settlement of funds. It therefore incorporates the
methods for transmitting payment messages between members, the means to settle claims among
members and agreed rules and procedures. Central bank’s/monetary authorities’ oversight of payment
and settlement systems is consequently a core objective of its broad responsibility for monetary and
financial stability. According to the BIS Core principles for Systematically Important Payment Systems
(SIPS), “payment system oversight is a public policy activity principally intended to promote the safety
and efficiency of payment systems and to reduce systemic risk’’. This role is significant because the
efficient functioning of payment systems allows safe, secure and timely completion of financial
transactions and therefore, makes a vital contribution to overall economic performance and financial
stability. Oversight of payment systems complements the financial stability work of banking
supervision but differs from bank supervision.
Mobile payments have gained wider acceptance as an emerging payment method in both advanced and
emerging economies. Their rapid diffusion and growth potential have been largely shaped by many
factors, including increased deployments worldwide, mobile phone penetration, financial inclusion,
and market demand for convenient, faster, and more economical means of payments. Regulatory
authorities have been faced with oversight challenges in protecting mobile wallet consumers and the
payment system. Such innovations have exposed grey areas in existing laws and regulations and have
led to legal reforms and the need to strengthen risk controls in some jurisdictions. They also point to
the need to assess and mitigate potential risks, particularly in jurisdictions where oversight
arrangements are weak or supervisory capacity is limited. |
URI: | http://saruna.mnu.edu.mv/jspui/handle/123456789/7171 |
Appears in Collections: | ވިޔަފާރިއާއި އިޤްތިޞާދު Commerce A
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