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Advances in technology have led to an increasing number and variety of payment services providers (PSPs) and the services they offer. In the absence of comprehensive international standards applicable to non-bank PSPs’ provision of cross-border payment services, jurisdictions have taken varying approaches to regulating and supervising bank and non-bank PSPs offering these services.
These recommendations aim to ensure quality and consistency in the legal, regulatory and supervisory regimes of banks and non-banks in their provision of cross-border payment services in a way that is proportionate to the risks associated with such activities. This approach reduces the likelihood of regulatory arbitrage by establishing a level playing field for both banks and non-bank PSPs, despite differences in business models and risk profiles. Greater consistency in the regulation and supervision of banks and non-banks providing cross-border payment services can foster lower costs, higher delivery speed, and better financial access and transparency.