Regulation and control of payment system risks : a Finnish perspective

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Title: Regulation and control of payment system risks : a Finnish perspective
Author: Iivarinen, Timo ; Heinonen, Harry ; Lukka, Matti ; Saarinen, Veikko
Organization: Suomen Pankki
Series: Suomen Pankki. A
Bank of Finland studies. A
Series number: 106
Year of publication: 2003
Publication date: 2.10.2003
Pages: 138 s.
Keywords: maksujärjestelmät; sääntely; valvonta; riskit; riskienhallinta; kansainvälinen; Suomi; pankkitoiminta; BIS; EKP; IMF;
Abstract: This report begins by scrutinising regulation, supervision and risk management of payment systems, as well as risk analysis at a more general level.This is followed by an introduction to payment system supervision and regulation at the international level, with emphasis on the Bank for International Settlements (BIS), European Central Bank (ECB) and International Monetary Fund (IMF).Also included is a discussion of the proper role of national bodies, approached from the Finnish perspective.Payment system risks are discussed in terms of the writers' conceptions of the key risks involved and their classification and measurement.The payment system risk classifications and framework presented in this report can be systematically examined in terms of either specific types of systems and instruments or as an integrated whole.This framework is used to evaluate the risks of Finnish payment systems.A product-specific risk model is also introduced, which can be used for example by banks to evaluate the risks of specific payment transfer products and their importance.The model development was a joint project of the banks and public authorities.The report also presents means by which risks can be eliminated or reduced and explains how they have been alleviated in the Finnish payment systems.In this connection, the book describes - again in terms of the risks involved - Finnish interbank payment systems and how Finnish banks are linked to international payment systems. According to evaluations by the ECB and IMF, Finnish payment systems meet international standards and are relatively free of risks.Finally, a view is presented of the overall course of future developments in payment transfers.The primary trends cited are globalisation, electronification and integration of systems.Key words: payment systems, payments, regulation, supervision, risks

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