Oversight and risk management of payments schemes

Piet M. Mallekoote and Suren K. Balraadjsing
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Piet M. Mallekoote: Independent Adviser and Supervisor, The Netherlands
Suren K. Balraadjsing: Scheme Auditor, Currence, The Netherlands

Journal of Risk Management in Financial Institutions, 2022, vol. 15, issue 4, 418-428

Abstract: Retail payments have become a strategic item on the agenda of the boardrooms of banks and fintechs. Innovation and competition in methods of payment have increased significantly over the past decade, resulting in more choice and better customer experiences for consumers. The downside of this positive development is that the risks in payments have increased. This paper analyses these developments and shows why and how the oversight of central banks has spread to retail payments. It also discusses how owners of payment schemes can respond to this by setting up an adequate risk management system that monitors the main risk areas, but also takes into account changes and innovations in the payment landscape due to technology and legislation.

Keywords: scheme management; risk management; oversight of payment schemes; operational risks; cyber risks; third-party service providers; payment chains (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2022:v:15:i:4:p:418-428

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