Key Regulatory and Industry Initiatives (KRIIs)
The Payments industry is witnessing a cyclical path in the KRII journey—with KRIIs traversing from standardization to innovation and back again to standardization. Further, Conflicting KRIIs pose implementation and operational challenges that hinder the transition to the new payments ecosystem.
Across the globe, a multiplicity of KRIIs are being implemented at the national, regional, and global levels. However, varied regulatory objectives and interpretations of objectives have led to a fragmented regulatory marketplace for PSPs. Examples include open banking initiatives and instant payments. In Asia Pacific, KRIIs such as Thailand’s Payment System Act, Singapore’s proposed e-payments user protection guidelines, and China’s sanctions on new payment apps are focused on standards, industry governance, and oversight of new players. Several countries in the region including Singapore, Thailand, Indonesia, China, and Cambodia, are introducing standards and rules to improve systemic efficiency and safeguard customers.
World Payments Report 2018
The World Payments Report 2018 from Capgemini and BNP Paribas is the leading source for data, trends and insights on global and regional non-cash payments, the key regulatory and industry initiatives (KRIIs), and today’s dynamic payments environment. It explores how emerging technologies can help banks become anchors of a new payments ecosystem and offer new value-added services to customers, including corporate treasurers.Download now