Page 83 - ITU-T Focus Group Digital Financial Services – Interoperability

ITU-T Focus Group Digital Financial Services
Interoperability

Individual participating central banks reserve the right to prepare their own independent analyses and
assessments of the PSIs against the PFMI, when they deem it necessary to do so. They share their assessments
with the SADC PSOC, and seek to reach consensus on their assessment of PSI compliance with the PFMI. The
participating central banks aim to take compatible actions with regard to PSI oversight, with the intention of
achieving common understanding and consensus in the SADC PSOC. Differences that cannot be resolved by
the SADC PSOC may be referred by the Country Leaders to their respective Governors for further guidance.

The Payment System Management Body (PSMB) administers the scheme rulebooks and ensures that
participating members and PSIs comply with their obligations in terms of the rulebooks. The PSMB deals with
any deviations from the rules and refers any dispute that it is not able to handle to the SADC PSOC for further
consideration.
A SADC payment scheme consists of the rules, operating agreements, and processes adopted by its members
and PSIs, which are administered by the PSMB under the oversight of the SADC PSOC.

The involvement of the PSMB allows the participating central banks to focus on their oversight responsibilities,
leaving to the PSMB in its capacity as PSI scheme administrator the task to design rules that are consistent with
the oversight principles and the role of first line actor in the event of rules non-compliance from PSIs, with an
emphasis on reducing the needs for central bank involvement in PSI administrative aspects.

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