Payments oversight is under-resourced for a third of central banks
Respondents identify shortage of human capital, capacity building and dated technology as concerns
Most central banks have sufficient resources to fulfil their payment systems monitoring mandate, but a significant minority say they are under-resourced, the Payments Benchmarks 2023 reveal.
Over 62% of the 29 central banks that answered the question say they have sufficient resources. A few of these, however, say work is in still in progress in some aspects of their payments’ ecosystem.
The remainder, 11 respondents (38%), say they have inadequate payments systems oversight resources. These
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More on Payments
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
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
Payment ecosystems remain relatively unchanged over past year
Most central banks help price RTGS services and many do for credit transfers and direct debits
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