PAYMENT SYSTEMS WORLDWIDE, A SNAPSHOT
PAYMENT SYSTEMS WORLDWIDE, A SNAPSHOT – Outcomes of the Global Payment Systems Survey 2010
Payment systems have moved from the backroom to the boardroom of all Financial institutions due to the recognition of the critical role that a well functioning payment system plays in supporting the nancial and real economies, and also because of the increasing attention bank boards pay to the automation of banking operations and services and their impact on bank income and prots. From a broader perspective, a less than optimal use of payment instruments and/or inecient or poorly designed systems to process these instruments may ultimately have an impact on systemic stability, economic development and growth.
Payment systems are moving from being a narrow channel for transferring funds to a much wider integrated network for transferring additional forms of value. Moreover, the creation of networks and systems for retail payments can have a substantial role in supporting nancial access in developing countries.
Indeed, modern retail payment technologies and innovative programs to channel recurrent payments efficiently can, and are already being used to, integrate the previously underserved and non-served population into the formal nancial sector. A well-functioning infrastructure to eciently and safely process modern payment instruments is necessary to successfully enhance a country’s population access to, and widespread use of, such modern payment instruments.
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