CPMI Publishes Strategy for Reducing Risk of Wholesale Payments
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.
Related Links
Keywords: International, PMI, Banking, Wholesale Payments, Fraud Risk, ECB, FED, CPMI
Previous Article
ESMA Chair on Achievements and Priorities of MiFID II ImplementationRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
