May 4, 2007 - Payment service providers (example of ... Create level playing field ... Service. Provider. Scheme oriented organization retail payments system.
Non-banks in the Dutch retail payments system: a central bank perspective
Philip Klopper De Nederlandsche Bank May 4, 2007
Dutch retail payments market Very dynamic! • From zero to 125 nonbanks • Unbundling • SEPA + PSD = Opening up national payments markets
1
Dutch retail payments market Entry nonbanks = Positive • More competition • More innovation
Increased cost efficiency
• But also new risks Balancing efficiency gains against new risks 2
DNB’s basis and goal for the oversight of retail payments
Legal basis (EU-Treaty and Bank Act 1998) Goal: Safeguarding financial stability • Limiting systemic risk • Promoting smooth operation of the payments system
3
Major new players Dutch retail payments market
• Establishment Currence as scheme owner • Dutch ACH Interpay (now called Equens) focusing on processing • Payment service providers (example of nonbanks), intermediaries between web-retailers and acquiring 4
Why a role based model for oversight? Future proof • Keep in touch with market • Easy to incorporate new roles and make new oversight standards • Create level playing field
5
Scheme oriented organization retail payments system Scheme owner
Issuer
Clearing Institution
Acquirer
Payment Service Provider
Consumer Issuing processor
Clearing processor
Acquiring processor
Settlement processor
Network processor
Merchant/ acceptant
Settlement Institution
6
Why more self-assessment ? In case of innovations/changes in the payments market • More pro-active reaction market players • Market players can make quick assessments of efficiency gains and new risks
7
Oversight – role based model Oversight Scheme owner
Issuer
Clearing Institution
Acquirer
Payment Service Provider
Consumer Issuing processor
Clearing processor
Acquiring processor
Settlement processor
Network processor
Merchant/ acceptant
Oversight = blue Scheme owner = yellow
Settlement Institution
8
Balancing efficiency, safety and accessibility
• All three equally important • First responsibility balancing: market players • If not done correctly: rebalancing by DNB
9
Has nonbank participation altered DNB’s payment policy? Yes and No Implementation
objectives
• Analysing new risks • Specifying oversight standards for new roles
10
How much regulation do nonbanks need? • • • •
Tough question Nonbanks need regulation Licensing structure important Balancing again!
Regulation should be proportional to new risks and should not be an entry barrier
11
Coordination among authorities? • Yes! Conflicting views can be very confusing for market parties • Balancing conflicting objectives by authorities
12
Closing remarks • Retail payments market: very dynamic • Nonbanks: more efficiency, but also new risks • Regulation non-banks: case by case approach balancing safety risks and accessibility • Focus oversight on scheme oriented organization • Discussion and coordination among public authorities: less confusion market parties
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