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Oversight and risk management of payments schemes

Author

Listed:
  • Mallekoote, Piet M.

    (Independent Adviser and Supervisor, The Netherlands)

  • Balraadjsing, Suren K.

    (Scheme Auditor, Currence, The Netherlands)

Abstract

Retail payments have become a strategic item on the agenda of the boardrooms of banks and fintechs. Innovation and competition in methods of payment have increased significantly over the past decade, resulting in more choice and better customer experiences for consumers. The downside of this positive development is that the risks in payments have increased. This paper analyses these developments and shows why and how the oversight of central banks has spread to retail payments. It also discusses how owners of payment schemes can respond to this by setting up an adequate risk management system that monitors the main risk areas, but also takes into account changes and innovations in the payment landscape due to technology and legislation.

Suggested Citation

  • Mallekoote, Piet M. & Balraadjsing, Suren K., 2022. "Oversight and risk management of payments schemes," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 15(4), pages 418-428, October.
    • Handle: RePEc:aza:rmfi00:y:2022:v:15:i:4:p:418-428
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    More about this item

    Keywords

    scheme management; risk management; oversight of payment schemes; operational risks; cyber risks; third-party service providers; payment chains;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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