Payments System Board Update: November 2023 Meeting

Summary:

The Payments System Board met to discuss several key issues related to the financial system. Key points include:

The adoption of new technologies in clearing and settlement processes, with a focus on ensuring the Bank's supervision of market infrastructures is effective.
The potential emergence of new, technologically innovative securities settlement facilities, and a proposal to increase the threshold for Financial Stability Standards for securities settlement facilities.
Developments in the ATM industry, including the structural decline in transactional cash and ATM use, and the review of the ATM access framework, which will be retained to protect fair access and promote competition.
The annual review of compliance with card payments regulation, which showed a high level of compliance with the Bank's regulations.
Progress on payments regulatory reform, including modernizing the regulatory regime and ensuring all entities in the payments value chain can be regulated.
Initiatives to enhance cross-border payments, including adopting globally harmonized payments messaging requirements and migrating cross-border payments to fast payment system infrastructure.
* An amendment to the policy on conflicts of interest to support collaboration on winding down the cheques system.

I hope this summary provides a concise overview of the key points discussed by the Payments System Board.