Innovative yet robust supervision in a rapidly changing payments landscape

Anneke Kosse and Petra Hielkema

Journal of Digital Banking, 2019, vol. 3, issue 3, 232-241

Abstract: The payments landscape is constantly changing, and developments are accelerating. One of the main driving forces is technological innovation. Although it is a source of opportunities, technological innovation poses challenges to the robustness and efficiency of the payments system and financial stability in general. This paper describes how De Nederlandsche Bank (DNB) facilitates the positive contribution of technological innovation in payments, while ensuring the risks are properly monitored and addressed. It highlights how DNB endeavours to promote an innovative climate through an InnovationHub and Regulatory Sandbox, and dives into the challenges of the growing complexity and fragmentation of the payments landscape and increased vulnerability to cyberattacks. The paper further discusses DNB’s role in finding a right balance between innovation, safety and privacy, especially given the expected changes arising from the new Payment Services Directive (PSD2). Finally, the paper demonstrates how DNB takes advantage of technological innovation by employing advanced innovative techniques in its daily work.

Keywords: FinTech; digitalisation of payments; PSD2; principle-based regulation; cyber resilience; crypto (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2019:v:3:i:3:p:232-241

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