Global Payment Systems Survey 2010
Preliminary Outcomes
Global Payments Week 2010 Amsterdam, October 20
Alice Zanza Maria Teresa Chimienti PSDG, The World Bank
Contents
1. Description of the NEW Global Payment Systems Survey 2010
2. Current status of responses 3. Preliminary outcomes. A snapshot
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The Global Payment Systems Survey 2008
Launched for the first time in 2007 Outcomes were published in 2008. Available at:
www.worldbank.org/paymentsystems Covered 128 central banks and 142 countries Topics covered:
i. Legal and Regulatory Framework ii. Large-Value Funds Transfer Systems iii. Retail Payment Systems iv. Foreign Exchange Settlement Systems v. Cross-border Payments and International Remittances vi. Securities Settlement Systems vii. Payment System Oversight and Cooperation viii. Planned and On-going Reforms to the National Payments System
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The “new” Global Payment Systems Survey 2010 Launched in July 2010
Sent to 172 central banks and 191 countries
Topics covered: i. Legal and Regulatory Framework ii. Large-Value Funds Transfer Systems iii. Retail Payment Systems iv. Foreign Exchange Settlement Systems v. Cross-border Payments and International Remittances vi. Securities Settlement Systems vii. Payment System Oversight and Cooperation viii. Planned and On-going Reforms to the National Payments System
Annex 1! New survey on innovations in retail payments issued as an Annexure to GPSS. Builds on CPSS “Survey of Developments in Electronic Money and Internet and Mobile Payments”. Annex 1 is divided into 5 key areas:
i. Type of Products ii. Design Features of the Products iii. Legal and Regulatory Framework iv. Statistics v. Planned Reforms/New Products
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The “new” Global Payment Systems Survey 2010: Scope Legal and Regulatory Framework Settlement finality, legal recognition of netting arrangements, electronic payments, zero-
hour rule and similar, competition, consumer protection, enforceability of security interests; SSS: dematerialization/immobilization, settlement finality, novation, lending arrangements; legal basis of the oversight function and overseers; AML/CFT; registration/licensing requirement for non-bank service providers
Large-Value Funds Transfer Systems Systems, operators, statistics, messaging networks, pricing, liquidity and queuing, resilience
and business continuity, access rules
Retail Payment Systems Cheque clearinghouse: features, special procedure for large-value cheques, risk controls;
ACH for direct credits and/or direct debits: features, risk controls; payment card systems: features, ATM and POS, interchange fees, payment switches; non-cash payment instruments; fraud; government payments
Foreign Exchange Settlement Systems Main features, OTC markets
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The “new” Global Payment Systems Survey 2010: Scope
Cross-border Payments and International Remittances Cross border: integration, use of SWIFT network; remittances: types and relevance of
RSPs, payment mechanisms, transparency, consumer protection, access to infrastructure, regulation of RSPs, competition, oversight
Securities Settlement Systems General features; CSDs: main features, settlement, participation and custody arrangements,
resilience and business continuity ; clearing institutions; CCPs: mean features, management of credit exposures, resilience and business continuity; regulatory and oversight
Payment System Oversight and Cooperation Objectives, scope, instruments, cooperation with other authorities, cooperation with other
stakeholders
Planned and On-going Reforms to the National Payments System
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The “new” Global Payment Systems Survey 2010 (Annex 1): Scope
Type of Products Innovative products, innovative access channels to bank account for payment purposes
(“innovative” solutions are those that involve a) the development of a new product, and/or b) innovation in processing)
Design Features of the Products
Legal and Regulatory Framework
Statistics
Planned Reforms/New Products
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The “new” Global Payment Systems Survey 2010: Methodology
Two questionnaires, totaling 119 questions (Annex 23)
In approximately 90% of the questions/sub-items, questions are in the form of “YES/NO”, or “mark with an X all that apply”, etc.
The survey aims at extracting the greatest amount of information minimizing the room for subjective interpretations, either from the respondent or from the analysts processing the responses.
In most cases questions are very specific Questions were designed as objectively as possible. However, in some cases the particular
opinion of the respondent Central Bank was asked
The Survey was sent only to central banks (or similar institutions)
Main improvements/changes to the last edition (2008) retail payment systems section international remittances (cross-border and remittances section) securities settlement systems section
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Status of responses as of October 19, 2010 – by Region
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Status of responses as of October 19, 2010 – by Region
10
Status of responses as of October 19, 2010 – by Region
11 Honduras sent on 10/18
Status of responses as of October 19, 2010 – by Region
12
Status of responses as of October 19, 2010 – by Region
13
Additional countries currently in the process of completing the questionnaires:
Angola Aruba Bahrain Bangladesh Cayman Islands China ECCB Egypt, Arab Republic Fiji Guinea India Indonesia
Kenya Macao (China) Nicaragua Paraguay Philippines Slovak Republic Sri Lanka Sudan Tajikistan Tanzania Ukraine Venezuela Vanuatu
Including announced contributions, the total number of respondents after only three months from the launch of Global Payment Systems Survey is 138 countries!
*As of October 19, 2010
A snapshot of preliminary outcomes
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As of October 8, 2010
Legal and regulatory framework (I)
Pieces of legislation with explicit references to payment systems
15
91 46
New New New
55
Legal and regulatory framework (II)
Central Bank legal powers to oversee payment systems
16
8 60 35 48
27
7
20
44
Large -Value Funds Transfer Systems (I)
Main systems used for large-value funds transfers
17
79 34 17
73
92
67
Large -Value Funds Transfer Systems (II)
Sources of liquidity in RTGS systems
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As in the Global Payment Systems Survey 2010, flexibility in the use of required reserves is lower in MENA countries and ODCs
Preliminary findings suggest that slightly less RTGS systems rely on operators providing credit (71% in 2008 vs. 61.3%)
Large -Value Funds Transfer Systems (III)
Features of the settlement systems (non RTGS) for large-value payments
19
Retail Payment Systems (II)
20
Cheque clearinghouse main features
Payment System Oversight and Cooperation (I)
Scope of the payment system oversight function
21
17 55 39 16 57
33
Payment System Oversight and Cooperation (II)
Oversight instruments rated most relevant
22
20 34 38 42 New
65
75 42 33 25
87 7
23
…Thank you for your contribution
to the Global Payment Systems Survey 2010!!!