The NBRM's payment systems oversight is a legally defined task. Pursuant to the Law on Payment Operations, overseeing the payment systems is aimed at achieving objectives related to the safety and efficiency of payment systems by monitoring the existing and planned arrangements, evaluating them against goals and policies. NBRM’s payment systems oversight is an integral part of its wider responsibilities for the implementation of monetary policy and maintaining financial stability.
The oversight function includes analysis of the payment system framework for managing legal, credit, liquidity, operational and other risks. If payment systems do not manage risks efficiently and effectively, their operation may pose a significant risk to the financial system, be a potential source of instability, and cause major systemic disruptions. The intensity, scope and type of the NBRM’s payment systems oversight depends on the assessment of risks to the payment system.
The primary responsibility for reliable functioning of the payment system rests with the system operators. Therefore, operators are expected to ensure stability of their systems. In reducing operational risk, the NBRM insists on technical security, taking modern security measures, internal controls, ensuring business continuity in terms of resources and data and further full compliance at least with the key considerations of the payment system operations standards, according to the payment system classification. Hence, oversight promotes awareness of payment system operators to recognize any critical point.
The NBRM may induce changes or propose amendments to the rules, the design or operability of payment systems or their operating environment, for the purposes of risk elimination, reduction or improved risk management.