Payments oversight more difficult in poorer nations
Lower income central banks more likely to feel they need more resources
Central banks from lower income countries are more likely to report their payments oversight teams are under-resourced.
Central Banking received responses from 38 participants in the Payments Benchmarks 2022 on whether they felt they had enough resources to fulfil their payments oversight mandate.
Most (63%) said they do. However, around two in five said they do not.
A previous benchmark found that the vast majority of central banks are the sole authority responsible for overseeing
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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