Page 26 - ITU-T Focus Group Digital Financial Services – Interoperability

ITU-T Focus Group Digital Financial Services
Interoperability

of the NPS policy; ii) support the achievement and implementation of the policy through collaboration with
relevant stakeholders; iii) advise the Central Bank on the appropriateness of documentation and models to be
used as standards; iv) facilitate the necessary cooperation between market participants; v) promote common
initiatives; and, vi) facilitate the sharing of information.

The NPC does not have legal personality. Membership is open to any participant or user of a system which is
widely used or otherwise significant within the country. Governance is based on the constitution of the Council
as the main management body and committees. Procedures for admission and withdrawal are established
and duties are imposed to members.
Trinidad and Tobago

The Payments System Council (PSC) was established in 2002 with the objective “to support the achievement of
sound and efficient payments clearance and settlement systems in the country and to participate in regional and
international efforts aimed at maintaining ordered conditions in regional and international payment systems.”
The first projects of the PSC were the planning and implementation of the RTGS system, the ACH, and the
government securities system. At that time the membership consisted of representatives of the central bank,
each of the commercial banks, the Securities and Exchange Commission, and the Ministry of Finance.

In 2005, the PSC became involved in providing advice on operational issues related to the use of the systems. By
2006, its focus shifted to promoting e-payments and strengthening the legislative framework. In 2008, the PSC
broadened its membership, which currently comprises the senior representation of the following stakeholders:
Central Bank of Trinidad and Tobago, Securities Regulator, National Treasury, commercial banks, PSOs, business
sector, consumers, the Telecommunications Authority, the Chamber of Commerce and Ministry of Legal Affairs.

The Central Bank of Trinidad and Tobago chairs and provides secretariat services for the PSC. The PSC is
currently promoting the use of e-payments via an educational program.

6 Other types of cooperation fora

Consultation and coordination on payments topics and reforms are often carried out through a variety of other
mechanisms. These mechanisms typically do not substitute a NPC, but are useful for a number of specific
purposes or circumstances. Figure 1 shows different cooperation mechanisms with central bank leadership.

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