Payments department responsible for oversight of payments infrastructure
Heads of payments systems oversight often report to departmental head, but some report directly to the governor
One of the core functions of a central bank is to maintain public confidence in money. Ensuring the safety and efficiency of national payments infrastructure is key to this objective.
According to Central Banking’s Payments Benchmarks 2021, the departmental organisational structure of payments oversight function at central banks is fairly consistent.
Of the 31 central banks that provided data on where payments systems oversight responsibilities are allocated, 74% said the payments systems
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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