Over 50% of central banks actively regulate cost of payments services
Central banks with explicit payments mandate more involved in setting cost limits
Just over half of central banks who took part in Central Banking’s Payments Benchmarks 2021 have some involvement in the pricing of payments services in their jurisdiction.
Payments made via real-time gross settlement (RTGS) systems (75%), and credit and debit cards were the most actively regulated areas (30%). In general, central banks operate RTGS infrastructure and therefore will set membership and transactional fees.
Of the 17 central banks that said they did not have any involvement in
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Payments Benchmarks 2023 – executive summary
Payments are undergoing rapid technological change, creating opportunities – and challenges
Payments Benchmarks 2023 report – moving money in shifting conditions
Data reveals differences in CBDC paths, RTGS systems, instant payment plans and budgets
RTGS systems are used free of charge in one-tenth of jurisdictions
RTGS systems are used free of charge in one-tenth of jurisdictions
Median RTGS system processes nearly $100bn annually
Median value of payments rose by $15bn from the previous benchmark
Primary RTGS systems have average $1.65m in operating costs
Majority of central banks increased payments system divisions budgets in the past year
Payments oversight is under-resourced for a third of central banks
Respondents identify shortage of human capital, capacity building and dated technology as concerns
Few non-banks have access to RTGS systems
Maximum number of institutions reported to have access to one RTGS system was 233
Most central banks have payment and settlement supervision mandates
Payment system laws contain oversight powers in two-thirds of jurisdictions