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New Zealand's central bank is looking to bolster the regulatory oversight of payment systems to guard against the effects of hacking, outages and other risks, Reserve Bank of New Zealand (RBNZ) deputy governor Grant Spencer said Tuesday.
"The ability to make payments conveniently and safely is vital to the financial system and broader economy," Spencer said in a published speech to a Payments New Zealand industry conference in Auckland.
"The payments industry landscape is changing faster than ever, with innovation driven by technology, customer expectations and, in the case of large wholesale systems, international regulatory developments," he said.
"Current growth areas include contactless payments, mobile phone applications and on-line payments. We are also seeing many new providers of payment services, including telecommunications companies and the likes of Apple, Google and Paypal."
Most major countries had moved since the global financial crisis to strengthen the regulatory oversight of payment systems, and internationally developed regulatory principles had been widely adopted, including by New Zealand.
The RBNZ was looking to strengthen its oversight regime "at the non-intrusive end of the international spectrum" to better apply the principles to large payment systems.
"The Reserve Bank does not seek to prescribe the shape of the payments system or the direction of innovation. Nor do we want to force cooperative 'utility' solutions on the industry which could inhibit innovation and competition," said Spencer.
"However, it is important that the industry have an effective high level governance structure, such as Payments New Zealand, which can facilitate competition and innovation, while also ensuring the integrity of the system and its participants." Enditem
