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Payment Systems Division
The primary role of the Payment Systems Division (PSD) is to conduct oversight of the national payment system as part of the Central Bank’s objectives of maintaining a sound financial system. The division has the responsibility to carry out regulatory reviews and other policy related work guiding the reform and modernisation strategy of payment systems. In its effort to promote safety soundness and reliability in payment systems, PSD undertakes to identify potential risks in the design and operation of payment systems and to take appropriate steps to minimise these risks.
The roles and activities of the division include:
Developing the legislative framework for the oversight of payment systems in line with international best practices
Conducting research, identifying opportunities and coordinating efforts to develop the National Payment Systems
Analysing data on a periodic basis to monitor for occurrences or trends in the industry
Conducting on-site examinations of payment systems to determine whether rules, regulations and procedures are properly followed and the risks are prudently managed