Key Regulatory and Industry Initiatives (KRIIs)

Interoperability and standardization have become a regulatory mantra amid disparate payments’ standards, systems, and scope of regulators. Globally, a broad range of watchdogs have taken or are planning initiatives to ensure uniformity – critical moves to sustain success as the new payments’ ecosystem coalesces.

Key Regulatory and Industry Initiatives (KRIIs) Clustered by Regulators’ Primary Objectives, 2019

While pushing for innovation through Open Banking and real-time payments, regulators are working to mitigate risks. In addition to standardization, risk mitigation appeared as the priority for the industry in 2018-19. With the proliferation of disruptive technologies and the rise of new entrants on multiple fronts, regulators now expect banks and payments institutions to act as gatekeepers in the fight against fraud, money laundering/ terrorism financing, and cybercrime. With the proliferation of disruptive technologies and the rise of new entrants on multiple fronts, regulators now expect banks and payments institutions to act as gatekeepers in the fight against fraud, money laundering/ terrorism financing, and cybercrime.

Key regulatory and industry initiatives (KRIIs) clustered by regulators’ primary objectives, 2019

 

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