Page 27 - ITU-T Focus Group Digital Financial Services – Recommendations

ITU-T Focus Group Digital Financial Services
Recommendations

Title of recommendation Oversight aspects of interoperability
Working Group Interoperability

Audience for recommendation Authorities

Authorities should recognize that the responsibility for managing the risks associated with interoperability lies
first and foremost with the operators of and the participants in interoperable systems. Authorities in their role
as payment system overseer should address interoperability in their oversight frameworks and when they con-
duct oversight. The oversight principles should build on international best practices and take into consideration
international technical standards.

An interoperable payment system and the effective management of risks associated with interoperability
should be a key objective of payment system oversight. It is important to have a clear understanding of
how and to what extent current international oversight standards provide for effective means to promote
safe and efficient interoperability. It will then be possible to consider ways to strengthen the oversight policy
framework, including identifying expectations specifically tailored for interoperability, against which payment
system operators and PSPs should be held accountable.

Interoperability is addressed by the Principles of financial market infrastructures (PFMIs). As one of
the different forms of interdependencies among financial market infrastructures (FMIs), interoperability is
addressed in the PFMIs report under various principles. While the PFMIs address interoperability in several
contexts, it should be recognized that they have not been designed specifically to cover the risks associated
with interoperability in RPS.

While the risks associated with interoperability lies first and foremost with the operators of and the
participants in interoperable systems, payment system overseers should define the requirements for
them. The requirements should principles build on international best practices and cover risks associated with
the legal, financial, and operational aspects of interoperability, as well as issues relating to their governance,
access, efficiency, and effectiveness. Importantly, any sound oversight framework for managing risks relating
to DFS interoperability will require strong cooperation between relevant authorities.

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