The resilience of post market infrastructures and payment systems Initiatives and perspectives

The use of non-cash payment schemes is particularly widespread in France where the number of non-cash transactions is in fact well above the European average. Though they have different features corresponding to users’ varying needs (payments may be face-to-face, remote or recurring, for instance), non-cash payment schemes generally consist of an instrument that generates a payment order combined with the technical and organisational arrangements that enable this order to be processed. Putting these arrangements in place requires close co-operation between all participants of the payment «network», i.e., naturally, credit institutions that hold accounts for debtors and beneficiaries, and also their technical service providers. The Everyday Security Act of 15 November 2001 entrusts the Banque de France with a specific task with regard to overseeing the security of non-cash means of payment. This task falls naturally within the purview of central banks, which guarantee both the value of the currency and the stability of payment systems. To carry out its task, the Banque de France analyses the potential threats associated with payment schemes and defines, in consultation with the parties involved, the minimum security objectives designed to prevent the occurrence of payment-specific risk events. To assess the security of a payment scheme, the Banque de France ensures that the parties involved comply with these objectives.