BoE sets sights on payments systems

Regulatory Update

Attention to payment system risk is a fairly recent phenomenon. The BoE first established a dedicated payment systems oversight team in 2000, according to the report. The goal of the new framework "is to put in place a more structured process through which payment system risks can be identified and subsequently prioritised", the report says. The new framework should help the bank allocate oversight resources, ensure the risks are looked at consistently and comprehensively, and ensure more tr