Also known as instant or real-time payments, fast payments are characterized by the instant transmission of the payment message and by the immediate availability of funds to the beneficiary on a 24/7/365 basis. Due to their nature and the risks they are exposed to, Fast Payment Systems present specific oversight requirements. Appropriate oversight frameworks, as well as extra capacity to be allocated by central banks for an effective oversight, are critical to ensure that Fast Payment Systems are designed with sound standards of safety and efficiency.
In this webinar, Holti Banka (Senior Financial Sector Specialist, World Bank) and Biagio Bossone (Senior Consultant, World Bank) discuss the main risks faced by Fast Payment Systems and provide guidance on the oversight of these systems.