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The oversight of the payments systems : a framework for the development and governance of payment systems in emerging economies

This study focuses on the oversight of payment systems as a tool to develop payment infrastructures in modern market economies. It identifies institutional instruments that oversight agencies may use to mobilize public and private sector resources for such a developmental task. In particular, the study explores key governance issues that need to be considered when designing the oversight framework and when defining the overseer's responsibilities and functions. The study also explores ways to build an oversight framework based on economic incentives to improve the payment system's efficiency/stability tradeoff, and singles out roles for the public and the private sector based on their respective comparative advantages. The study is organized as follows: Section 2 discusses the foundations of the oversight function. Section 3 designs a framework for payment system oversight, defining its objectives, instruments, and targets. Section 4 identifies some major problems and issues faced by the overseer in the rapidly expanding world of e-finance. Section 5 explains why the central bank is best positioned to carry out the oversight function, and discusses issues concerning cooperation between the overseer and other financial regulatory entities. Section 6 presents the results of a survey of payment system oversight in a number of emerging- market countries selected to reflect economies at different levels of development and from a broad geographical representation. Section 7 summarizes the main recommendations of the study and identifies a set of standard features for payment system oversight to the benefit of emerging economies. The results of the comparative survey are presented in detail in Table 2 and Annex IV.