The Group believes the problems are particularly critical at the top-end of the market, among those institutions that provide the foundation for wholesale payments clearing and settlement services.
The Bank for International Settlements is introducing new guidelines in this area, and US regulators are presently introducing initiatives related to disaster preparedness and business continuity issues surrounding wholesale payments clearing.
Tower said additional requirements aimed at making high-value US payments systems more resilient are required, as well as the new supervisory expectations for major payment clearing banks.
The findings were published in 'Emerging Factors in Wholesale Payments System Resiliency in the US', published yesterday.
The week on Risk.net, July 7-13, 2018Receive this by email