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«July 2012 THE WORLD BANK Acknowledgements The preparation of this paper was led by the Financial Inclusion Practice of the World Bank. Lead author is ...»

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Creating a set of general objectives to guide the development of the various individual retail payment systems might be useful to ensure that each of these is positioned to meet the overall vision. In other words, achieving the overall vision for the national retail payments system will be extremely difficult without ensuring each of its components individually adheres to the general guiding objectives. These objectives may include the following aspects: interoperability in design of retail payment systems that can be broadly adopted by wide customers segments; conformity to all applicable international standards; adequate use of established clearing and settlement infrastructures rather than creating parallel processes; and short to medium-term commercial viability.

Adoption of relevant standards would enable development of efficient and reliable national retail payment system. The key areas in which standards could be required are shown in Table 4.

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V.5 Developing an Implementation Plan Analyzing the data and other information gathered thorough the stocktaking exercise is critical for identifying shortfalls in association with the stated public policy objectives, and the types of actions required to move from the current state to desired state.

Reform initiatives will need to be prioritized and sequenced to handle resource constraints and also interdependencies. A comprehensive implementation plan incorporating all these aspects should be developed and publicized. If necessary, adjustments to the original plan and/or interim measures might need to be developed.

The implementation plan would be a combination of discrete components such as development of an ACH or national payment card switch, and overarching components such as formalization of oversight arrangements and automation of government payments related processes. The entity or entities that are expected to lead each of these components should be clearly identified.

One of the most contentious issues in development of an implementation plan is who should be responsible for developing the core infrastructures of ACH, payment card switches, and other core payment networks. In the case of RTGS systems, there is in general a consensus that the central bank needs to take the lead, and if it is not the owner and operator of the RTGS systems, it must have a very key role in the overall development and operations of that system. In contrast, for retail payment systems the private sector is usually expected to play a very important role and in fact can take direct responsibility for creation of these systems.

However, in certain circumstances, notably when the private sector is unable to come to an agreement on developing these systems, the central bank might need to take a more interventionist role, which may include developing and becoming the operator of some retail infrastructures. Even in these circumstances the central bank should consider this as a starting point and from the outset design the system in a manner that would enable it to transfer the ownership and operational responsibility to the private sector in the near future.

V.6 Monitoring and Evaluation Retail payments system reform should be seen as a continuous process. The progress made needs to be assessed periodically against the vision and objectives established earlier on. A monitoring and evaluation framework should be developed upfront and be an integral part of the overall plan.

Developments of specific metrics that are easily measurable while at the same time convey the progress towards the agreed vision and objectives would greatly enable effective monitoring and evaluation. For example, the single European payments area (SEPA) project identified indicators like the share of SEPA-compliant credit transfers in total credit transfers. A basic list of metrics that could be collected to assess progress on retail payments development plan is presented in Table 5.

Table 5: Basic Metrics to Assess Progress in Retail Payments Development

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Could also include a separate metric for agents/business correspondents per 1000 adults.

Percentage of payment This is the share of payment instructions received through instructions received electronic means in the total number of payment instructions through electronic means. (including electronic plus paper-based and face-to-face channels).

Percentage of government This is the share of government payment transactions made both payment transactions as a payee and a payer using electronic payment mechanisms in made through electronic the total of government payments (i.e. using all types of payment payment mechanisms. mechanisms).

Cost for a domestic This is the total cost (for the sender and for the receiver) of remittance between parties making a domestic remittance between parties maintaining with accounts in different accounts in two different institutions using the available payment institutions. mechanisms and channels. To make it comparable, this should be for a representative amount and shown as a percentage of such amount, and for different institutions and different modes.

Cost to pay a domestic This is the cost to pay a domestic utility bill and a merchant utility bill and a typical transaction for a representative amount through various transaction at a merchant. mechanisms and across institutions. To make it comparable, this should be for a representative amount and shown as a percentage of such amount.





Cost to maintain specific This is the cost for the consumer to maintain specific payment payment product accounts product accounts like a bank account for debit cards, prepaid by institution type. card account for prepaid cards, a mobile money account for mobile payments, etc.

Volume and value of This is the count and value of frauds represented in percentage frauds and operational terms for specific categories of frauds and operational errors like errors. late processing of a remittance, debit of a wrong amount, counterfeit fraud, repudiation related fraud, etcetera.

Monitoring metrics like these over a period of time could help in keeping the reform process on track and identifying course correction requirements.

Annex 1: Public Policy Goals, Central Bank Minimum Actions, and Range of Possible Additional Actions for Retail Payment Systems (from CPSS “Policy Issues for Central Banks in Retail Payments”)

LEGAL AND REGULATORY FRAMEWORK

Public Policy Goal A: Policies relating to the efficiency and safety of retail payments should be designed, where appropriate, to address legal and regulatory impediments to market development and innovation.

The Central bank should, at a minimum:

(i) Review the legal and regulatory framework to identify any barriers to improvements in efficiency and/or safety; and (ii) Cooperate with relevant public and private entities so that the legal and regulatory framework keeps pace with the changing circumstances and barriers to improvements in efficiency and/or safety are removed, where appropriate.

The range of possible additional actions could include, depending on the individual

central bank‘s responsibilities, powers and priorities:

 Altering regulations that currently present barriers to improving efficiency and safety, where this is within the central bank‘s remit and where other public interest arguments do not militate against such action;

 Introducing or proposing new regulations, as the central bank‘s remit allows, where the legal or regulatory framework is insufficient to support increased efficiency and/or safety; and  Offering expert advice to other responsible authorities, for example in the preparation of relevant legislation.

MARKET STRUCTURE AND PERFORMANCE

Public Policy Goal B: Policies relating to the efficiency and safety of the retail payments should be designed, where appropriate, to foster market conditions and behaviors.

The central bank should, at a minimum:

(i) Monitor developments in market conditions and behaviors relating to retail payment instruments and services and assess their significance; and (ii) Cooperate with other public or private entities, as appropriate, to foster competitive market conditions and to address any significant public policy issues arising from market structures and performance.

The range of possible additional actions could include, depending on the individual

central bank‘s responsibilities, powers and priorities:

 Promoting appropriate standards or guidelines for transparency, in cooperation with relevant public and private sector entities;

 Reviewing conditions in the market for cross-border retail payments, with a view to promoting improvements, are such action is warranted; and  Considering and, if appropriate, performing regulatory and/or operational intervention in cases where market forces are judged not to have achieved or not to be likely to achieve an efficient and safe solution.

STANDARDS AND INFRASTRUCTURE

Public Policy Goal C: Polices relating to the efficiency and safety of retail payments should be designed, where appropriate, to support the development of effective standards and infrastructure arrangements.

The central bank should, at a minimum:

(i) Monitor developments in security standards, operating standards and infrastructure arrangements for retail payments which the central bank judges to be important for the public interest, and assess their significance; and (ii) Cooperate with relevant public and private entities to encourage market improvements in such standards and infrastructure arrangements, where appropriate.

The range of possible additional actions could include, depending on the individual

central bank‘s responsibilities, powers and priorities:

 Participating actively in reviewing and developing appropriate standards and arrangements, in cooperation with relevant public and private entities, where the central bank judges its more intensive involvement to be necessary to furthering the goal; and  Considering and, if appropriate, performing regulatory and/or operational intervention in cases where market forces are judged not to have achieved or not to be likely to achieve and efficient and safe solution.

CENTRAL BANK SERVICES

Public Policy Goal D: Policies relating to the efficiency and safety of retail payments should be designed, where appropriate, to provide central bank services in the manner most effective for the particular market.

The central bank should, at a minimum:

(i) Review and, if appropriate, adapt its provisions of settlement services to contribute to efficient and safe outcomes; and (ii) Be transparent in its provision of services.

The range of possible additional actions could include, depending on the individual

central bank‘s responsibilities, powers and priorities:

 Reviewing the relevant non settlement services it provides and considering their adaptation to changing market conditions; and  Reviewing policies on access to central bank services and on pricing.

Annex 2: Model for National Payments Council -Terms of Reference Objectives The National Payments Council aims to support the achievement of sound and efficient payment and securities clearance and settlement systems in a country. It can also serve as a forum for cooperation to maintain orderly conditions in regional and international payment systems.

Main Tasks  The Council works to facilitate the necessary cooperation between all market participants and regulators in the payment area.

 The Council promotes common initiatives towards the implementation of the payment system infrastructure. These initiatives should not impede, and should in fact foster, healthy competition among market participants.

 The Council plays a key role in preparing strategic documents for the overall payment system architecture in the country.

 The Council plays a key role in monitoring the implementation of payment systems reforms.

 The Council plays a key role in facilitating the sharing of information on economic and business requirements of all parties impacted by the payment system.

 The Council helps to identify the impact of different options on participants business and daily operations and on end-user interests.

 The Council plays a key role in selecting the main principles and options for system designs.

 The Council plays a key role in endorsing the priority and the schedule of individual projects to be launched, financed and implemented.

 The Council promotes standardization of procedures and systems.

 The Council is responsible for promoting knowledge of payment system issues in the country. To this end, the Council uses any means it might find appropriate (workshops, seminars, web pages, newsletter, etc.).

 The Council seeks to promote cooperation among all institutions active in payment and securities systems within the region and at the international level.

Methodology  The Council prepares ad hoc reports on payment system issues. The reports would not have prescriptive nature. However, they would serve as a reference for the ongoing payment system reforms in the country.

 The Council establishes ad hoc working groups on payment matters. Working groups may or may not be composed of the totality of the institutions represented in the Council.

 The Council reports on its activities to Steering Committee on Payment Systems and the Top Management of the constituting institutions on an annual basis.

 Representation and Organizational Structure o The Council gives representation to all the stakeholders of payment and securities clearance and settlement systems. These include: the central bank, the capital markets authority, the Ministry of Finance/Treasury, the Association of commercial banks, the non bank financial institutions, the clearinghouses and payment service providers, the Stock Exchange, the Central Securities Depository(s), the broker/dealers, the end-users, and other regulators (e.g., antitrust authorities), et cetera.

o The central bank serves as the secretariat of the National Payments Council.



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