May 08, 2018

CPMI published a paper on the strategy for reducing the risk of wholesale payments fraud related to endpoint security. The strategy is composed of seven elements that work holistically to address all areas relevant to preventing, detecting, responding to, and communicating about fraud. The report also discusses the plan of CPMI to promote, support, and monitor local and global progress in operationalizing the strategy, with due recognition of the need for flexibility to reflect the uniqueness of each system and jurisdiction, including the legal, regulatory, operational, and technological structures and constraints under which they may operate.

The finalized strategy reflects feedback received during last year's consultation Successful implementation of the strategy depends on operators, participants, and other relevant private-sector and public-sector stakeholders in each jurisdiction that are engaging actively in and, taking ownership of, developing and carrying out an appropriate action plan for their respective jurisdictions. Thus, CPMI has set out a plan to promote, support, and monitor local and global progress in operationalizing the strategy. Each CPMI member central bank, and CPMI as a whole, is committed to acting as a catalyst for effective and coherent operationalization of the strategy within and across jurisdictions and systems and will monitor progress throughout 2018 and 2019 to determine the need for further action.

Both ECB and FED have welcomed the CPMI strategy for stronger wholesale payments security. ECB reaffirmed its commitment to act as a catalyst for the effective and coherent implementation of the strategy within the euro area. The common strategy further complements the work of ECB, which recently published the cyber resilience oversight expectations and TIBER-EU framework, to enhance the cyber resilience of the European financial ecosystem. FED also noted that each CPMI member central bank has committed to acting as a catalyst for carrying out the strategy in its jurisdiction and actively monitoring progress. Accordingly, FED, in close collaboration with the Federal Reserve Banks, will continue related efforts to advance the security of the wholesale payments ecosystem.

 

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Keywords: International, PMI, Banking, Wholesale Payments, Fraud Risk, ECB, FED, CPMI

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