Central Banking

Interdependence requires payment overhaul

Central banks need to adjust their oversight of payment and settlement systems to the new reality of heightened interdependence in financial markets, said Haruyuki Toyama, a deputy director general at the Bank of Japan at SIBOS, an industry forum organised by SWIFT.

While markets moving closer together or establishing links bring benefits, a recent report by the Basel-based Committee on Payment and Settlement Systems highlighted the existence of risks institutions face from other participant