Please use this identifier to cite or link to this item: http://saruna.mnu.edu.mv/jspui/handle/123456789/7171
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
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Commerce A




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