Language
Payment Systems
Payments systems are the plumbing of a strong financial system and they provide the mechanism to complete financial transactions on which consumers, businesses and government organizations rely. Without payments systems, citizens live in a virtual cash economy and may choose not to participate in the system. FSVC works with financial institutions to establish or modernize their infrastructure by addressing legal and operational aspects of installing a range of payments system types, including electronic systems and e-commerce, to bring them in line with international standards. The result is increased participation and investment in the system by businesses and individuals.
Countries Served:
Afghanistan, Albania, Bosnia, Croatia, Egypt, Georgia, Kazakhstan, Kyrgyzstan, Macedonia, Morocco, Poland, Romania, Russia, and Ukraine.
Types of Activities:
Our Accomplishments:
Russia – Ministry of the Economy & Trade (2008):
FSVC provided a commentary to the Ministry of the Economy and Trade on the structure of the U.S. payments system and the use of new electronic forms of payment, to be applied to legislative amendments. Prior FSVC work focused on establishing a large value transfer system, automated clearing houses, real-time gross settlement, and instruments for interbank payments. As a direct result of FSVC assistance, the Central Bank of Russia developed procedures for the clearing and settlement of payment cards, centralized the registration of collateral, and revised the format of electronic documents to conform with SWIFT standards. The commentary helped to address gaps in domestic payments legislation.
Bangladesh - Bangladesh Bank (2007):
FSVC provided a volunteer expert for two weeks to work with the Bangladesh Bank on a new National Payments Strategy, which included the implementation of an Automated Clearing House system. The volunteer expert addressed the development of a regulatory framework compatible with national legislation and focused on strong oversight without creating undue burdens on the banking sector. As a result of this assignment, Bangladesh Bank was able to install an Automated Clearing House system within a regulatory framework fully compliant with international best practices. This significantly improved the environment for overseas remittances in a country dependent on them.
|
FSVC Payments Experience Key Indicators: 1999-2011 |
|
| Projects Completed | 88 |
| Number of Countries Served | 14 |
| Individuals Trained | 1,067 |
| Pro Bono Hours Delivered | 6,280 |
Countries Served:
Afghanistan, Albania, Bosnia, Croatia, Egypt, Georgia, Kazakhstan, Kyrgyzstan, Macedonia, Morocco, Poland, Romania, Russia, and Ukraine.
Types of Activities:
- Commentaries on laws and regulations to establish a payments system,
ensure its safety and soundness, and develop an oversight function;
- In-country consultations to central banks on exercising supervision, improving RTGS efficiency, utilizing bills of
exchange, and establishing an audit function;
- Technical assistance to commercial banks on improving payments infrastructure, processing, and customer
service;
- Training on international best practices regarding the regulation of foreign exchange payments, methods of
payments processing, and compliance with the BIS;
- Study tours to more developed markets to discuss approaches to reform and the advantages or disadvantages of
particular payments procedures.
ensure its safety and soundness, and develop an oversight function;
- In-country consultations to central banks on exercising supervision, improving RTGS efficiency, utilizing bills of
exchange, and establishing an audit function;
- Technical assistance to commercial banks on improving payments infrastructure, processing, and customer
service;
- Training on international best practices regarding the regulation of foreign exchange payments, methods of
payments processing, and compliance with the BIS;
- Study tours to more developed markets to discuss approaches to reform and the advantages or disadvantages of
particular payments procedures.
Our Accomplishments:
Russia – Ministry of the Economy & Trade (2008):
FSVC provided a commentary to the Ministry of the Economy and Trade on the structure of the U.S. payments system and the use of new electronic forms of payment, to be applied to legislative amendments. Prior FSVC work focused on establishing a large value transfer system, automated clearing houses, real-time gross settlement, and instruments for interbank payments. As a direct result of FSVC assistance, the Central Bank of Russia developed procedures for the clearing and settlement of payment cards, centralized the registration of collateral, and revised the format of electronic documents to conform with SWIFT standards. The commentary helped to address gaps in domestic payments legislation.
Bangladesh - Bangladesh Bank (2007):
FSVC provided a volunteer expert for two weeks to work with the Bangladesh Bank on a new National Payments Strategy, which included the implementation of an Automated Clearing House system. The volunteer expert addressed the development of a regulatory framework compatible with national legislation and focused on strong oversight without creating undue burdens on the banking sector. As a result of this assignment, Bangladesh Bank was able to install an Automated Clearing House system within a regulatory framework fully compliant with international best practices. This significantly improved the environment for overseas remittances in a country dependent on them.
