Improve Payments Systems
Coordination is an important part of improving the payments system. The board's goal is to make sure all parties are working together to achieve the goals of the system. It would be necessary to have a variety of subcommittees to consider a variety of issues, including the way payments are made. In order for new payment services(website example https://callmechat.com/) to be adopted by payees, payers would need to accept them. In the domestic context, this coordination problem has been more manageable. However, in wholesale payment systems, there are fewer direct participants and the central bank will usually play a leading role.
Another important factor for improving the payments system is coordinating between the various players. The payment system operator will coordinate with the third-party service providers and PSPs. Both payees and payers must adopt new payment services. Traditionally, this coordination problem has been easier to overcome in the domestic context, where central banks have been the main drivers of innovation. But in the wholesale setting, there are fewer direct participants and the central bank is often the leader.
To improve the payments system, the board needs to work with industry. It should encourage an enhanced industry coordination body. This organization would interact with the Payments System Board on behalf of the industry, and it would establish a framework for more direct interaction. It is imperative that this coordination process is well-understood before making decisions about the future of the payments system. If the board is successful, it will be a big step in the right direction.
In the domestic context, it is important to recognize that the payment system is a complex network. Consequently, it must be designed to support a variety of business models. Specifically, it should be a flexible platform for different industries. The payment system must be highly scalable and flexible to accommodate the growth of industry. The industry needs to be able to grow at a rate that is beneficial to the customers. The board should be transparent and open about the risks and benefits of each option.
The Payments System Board should develop strategic objectives to improve the payments system. These objectives will reflect public interest and provide guidance for the industry to achieve them. The initial objectives include a goal of settling all Direct Entry payments the same day the payment instructions are exchanged. In 2016, it should be possible to reach the level of immediate funds availability for the recipient. The board also needs to coordinate with industry, because the goals of the payment system are not the same for all countries.
The Payments System Board is an independent policy-making body, not a technical one. It makes judgments on public interests, as well as sets high-level objectives for the payments system. It is essential to understand the goals of these strategic objectives in order to plan and implement an effective payment system. The goals of the board will determine how to best meet the needs of the industry and the public. For example, by 2013, all Direct Entry payments should be settled on the same day and close to immediate availability to the recipient.
The Payments System Board will develop strategic objectives to improve the payments system. These goals will reflect the interests of the public and the industry. In the domestic context, the Board has prioritized a few areas. The first priority is to eliminate fraud and improve the security of the payments system. The board may create subcommittees for each of these tasks. They will also work with the industry to implement new standards and make the system more efficient and accessible.
The Payments System Board's plans for improving the payments system include a series of interim and long-term strategic objectives. The initial objectives include: (1) all Direct Entry payments should be settled on the day payment instructions are exchanged; (2) by 2013, all Direct Entry payments should have close to instant funds availability to the recipient. If all these goals are met, the board can focus on developing the entire payments system. The goals for each sector will be determined by the Payments System Board.
Peter Bately commented
I believe the board must cooperate with companies to improve the payment system. It should enable the creation of better industry coordination.
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