Key regulatory and industry initiatives (KRIIs) support a collaborative ecosystem
In 2020–21, regulators took a balanced approach to key regulatory and industry initiatives (KRIIs) categories − paving the way for a collaborative open finance future. KRII trajectory is drifting towards effectiveness, fostering FIs to collaborate with FinTechs, PayTechs, and peers to share compliance burdens, launch pan-regional initiatives, and to industrialize investments. While it is too soon to count on nascent central bank digital currency (CBDC), it is moving towards reality – urging firms to be ready to act.
Interestingly, the regulators have shown equal emphasis across all the primary objectives – risk reduction, standardization, competition and transparency, and innovation this year. It indicates that regulators are promoting collaboration, accelerating innovation, securing privacy, and mitigating systemic risk to facilitate a payments-friendly environment and bolster innovation in the payment industry.
Key Regulatory and Industry Initiatives (KRIIs) grouped by primary objectives, 2021
World Payments Report 2021
The World Payments Report 2021 explores Payments 4.X – an experience-driven environment that’s witnessing even more industry consolidation and attracting tech-expert ecosystem players. Discover how the customers’ growing digital appetite is shaping the payments industry and what is the way forward to succeed in the new Payments 4.X era.Download now