The Drivers of The Recent Payment Systems Reforms Globally
AbstractIn this paper we introduce and discuss the three drivers of recent intensive payment systems reforms globally in the last 5 years in the process of implementing safe and efficient payment systems. We define the first driver as the strong domestic demand for financial stability and better financial services. The second driver is the increasing level of international cooperation and efforts of international financial institutions. The third driver is the impact positive externalities of globalisation reflected in the ICT area. The ICT firms are providing “turnkey” payment systems solutions and ready-to-use network, namely SWIFT, for a world economy of any size to go live with a robust payment system infrastructure. When we analyse various payment systems reform cases from the world economies under different groups, we observe the impacts of these drivers strongly. Yet there are weaknesses in most of the systems worldwide, when these systems are assessed against the newly developed “best-practices” named the core principles for Systemically Important Payment Systems as developed under the aegis of BIS/CPSS. In our analysis, we also observe that these drivers are also helping for the world economies not only to implement the first generation of payment systems but also to continuously improve their systems to meet higher standards.
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Bibliographic InfoArticle provided by Research and Monetary Policy Department, Central Bank of the Republic of Turkey in its journal Central Bank Review.
Volume (Year): 4 (2004)
Issue (Month): 2 ()
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Payment Systems; Oversight; Financial Stability; IFIs; Globalisation; Core Principles; Systemically Important Payment Systems; FSAP; RTGS;
Find related papers by JEL classification:
- E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kahn, Charles M. & Roberds, William, 2001.
"Real-time gross settlement and the costs of immediacy,"
Journal of Monetary Economics,
Elsevier, vol. 47(2), pages 299-319, April.
- Charles M. Kahn & William Roberds, 1999. "Real-time gross settlement and the costs of immediacy," Working Paper 98-21, Federal Reserve Bank of Atlanta.
- Kemppainen, Kari, 2003. "Competition and regulation in European retail payment systems," Research Discussion Papers 16/2003, Bank of Finland.
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