Page 37 - ITU-T Focus Group Digital Financial Services – Interoperability
P. 37
ITU-T Focus Group Digital Financial Services
Interoperability
oversight, and considers how oversight policy should apply to interoperability in retail payment systems
(RPSs). This report is not intended to be a regulatory document, as its main aim is to provide policy advice,
recommendations and indications to country authorities, payment system operators, and PSPs. The word
"should" used in the principles reflects this general intention and should therefore not be misunderstood as
imposing rules or requirements.
5. The report is organized as follows: Section II illustrates the role and responsibilities of the oversight of
payment systems, and explains the objectives, scope, and instruments of central bank oversight policy. Section
III takes on the relevance of payment system interoperability in the context of RPSs development. Based on
the premise that establishing interoperability and making sure its associated risks are managed effectively is
a key objective of payment system oversight policy, this section proposes a set of oversight recommendations
for interoperability in RPSs.
6. A companion report will deal with interoperability and oversight from an international perspective.
The report will discuss payment system interoperability and central bank oversight policy in the context of
international economic and financial integration.
27
