Our proposed recommendations seek to strengthen consistency between the regulatory and supervisory regimes for banks and non-banks providing cross-border payment services. We want to hear your views. Our consultation ends in 5 days.
Advances in technology have increased the number and variety of Payment Services Providers (PSPs) and the services they offer. New service providers supplying more delivery channels based on new technologies offer consumers access to more convenient, cheaper and faster options for conducting transactions. The absence of a single, comprehensive set of international standards governing the provision of payment services has resulted in jurisdictions applying various approaches to regulating and supervising banks and non-banks. While banks are subject to robust governance, capital, liquidity, and risk management frameworks, there are currently no comprehensive, globally agreed international standards that for supervising and overseeing non-bank payment services. A level playing field resulting from increased alignment of bank and non-bank regulation and supervision could reduce barriers to entry for intermediaries and facilitate stronger competition. Our proposed recommendations seek to strengthen consistency in the regulation and supervision of banks and non-banks providing cross-border payment services. We want to hear your views. Our consultation ends on 9 September. Find out more: https://lnkd.in/evzqPe5X #CrossBorderPayments #PaymentServicesProviders #PSPs #Nonbanks #AML #CFT