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Oversight of Payment Systems and Payment Instruments

According to Article 2, indent e, of the Statute of the Bank of Greece, one of the Bank's main tasks is to promote and oversee the smooth and efficient operation of payment systems and payment instruments.

In this context, the Bank of Greece’s oversight function involves preventing and addressing, in a timely manner, the risks to which payment systems are exposed, including legal, credit, operational and liquidity risks, with a view to ensuring the soundness and effectiveness of such systems, thereby safeguarding financial stability.

Similarly, the oversight of payment instruments aims at ensuring their safety and efficiency; it thus focuses on minimising any risks that could undermine public confidence in payment instruments and, more generally, in the currency.

The objectives and scope of oversight are laid down in Monetary Policy Council Act 50/31.7.2002, which sets out a framework of principles and standards governing payment systems and payment instruments and specifies methods, tools and reporting requirements on payment system operators and/or payment service providers.

In performing its oversight tasks, the Bank of Greece follows the Eurosystem’s approach, under which payment systems are classified according to their importance and assessed against the Core Principles for Systemically Important Systems. Regarding payment instruments, oversight is conducted on the basis of the Eurosystem's common oversight standards for card payments, SEPA credit transfers and direct debits, which can apply also to national payment instruments. Moreover, the Eurosystem has defined a framework of security objectives for electronic money schemes (Electronic Money System Security Objectives).

Related publications

1)  Εurosystem Oversight Policy Framework (ECB, February 2009)

2)  Eurostystem Oversight Report 2009 (ECB. November 2009)

3)  Core Principles for Systemically Important Payment Systems (BIS, January 2001)

4) Business Continuity Oversight Expectations for Systemically Important Payment Systems (SIPS) (ECB, June 2006) 

5)  Oversight standards for euro retail payment systems (ECB, June 2003)

6)  Harmonised Oversight Approach and Oversight Standards for Payment Instruments (ECB, February 2009)

7)  Oversight Framework for Card Payment Schemes – Standards (ECB, January 2008) 

8)  Oversight Framework for Credit Transfer Schemes (ECB, October 2010)

9)  Oversight Framework for Direct Debit Schemes (ECB, October 2010)

10)Report on Electronic Money (ECB, August 1998)

11)Electronic Money System Security Objectives (EMSSO) (ECB, May 2003)

12)Glossary of terms related to payment clearing and settlement systems (ECB. December 2009)























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