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Establishment of a framework for the oversight of payment systems by the Bank of Greece

01/08/2002 - Press Releases

Monetary Policy Council Act No. 50/31 July 2002 sets forth the principles and procedures according to which the oversight of payment systems, one of the main tasks of the Bank of Greece, will be performed.

Subject to the oversight are all payment systems operating in Greece, as well as electronic money schemes, payment instruments used for transfers of funds in the context of payment systems, ways of accessing the systems (e.g. through the Internet), and supporting products and services (e.g. electronic signature).

More specifically, Monetary Policy Council Act No. 50/31 July 2002 adopts and describes the general operating principles of the payment systems, as presented in a relevant report of the Bank for International Settlements (BIS, Core Principles for Systemically Important Payment Systems) and endorsed by the European Central Bank. The Act’s Annexes define the data to be reported to the Bank of Greece by payment systems and electronic money schemes, as well as by issuers of payment instruments.

It is noted that payment systems oversight is carried out mainly through the timely notification of the Bank of Greece and its intervention, where necessary, without any prior authorisation. Entities subject to oversight report detailed information, especially the operating rules of the system, the organisational structure and governance, and the description of the technical infrastructure and the procedures that ensure the operational reliability of the system. This approach enhances the development of initiatives by market participants in the rapidly developing payments sector, while at the same time, through the systematic monitoring of developments and the intervention of the Bank of Greece, where required, the objectives of the oversight are achieved.

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