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Technology providers in the payment sector: market and regulatory developments

Author

Listed:
  • Emanuela Cerrato

    (Bank of Italy)

  • Enrica Detto

    (Bank of Italy)

  • Daniele Natalizi

    (Bank of Italy)

  • Federico Semorile

    (Bank of Italy)

  • Fabio Zuffranieri

    (Bank of Italy)

Abstract

Technology providers have taken on the crucial role in supporting the financial sector, enabling firms – even small ones – to become more efficient and keep pace with innovation. Yet, the interdependencies between such providers and financial entities may pose new systemic risks, deserving the attention of financial regulators and overseers. This paper presents the authorities’ point of view, focusing on the payments sector; it demonstrates how numerous initiatives at international and national level have made a consistent and dynamic effort to create a regulatory and policy framework aimed at balancing security with innovation.

Suggested Citation

  • Emanuela Cerrato & Enrica Detto & Daniele Natalizi & Federico Semorile & Fabio Zuffranieri, 2024. "Technology providers in the payment sector: market and regulatory developments," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 47, Bank of Italy, Directorate General for Markets and Payment System.
    • Handle: RePEc:bdi:wpmisp:mip_047_24
    as

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    File URL: https://www.bancaditalia.it/pubblicazioni/mercati-infrastrutture-e-sistemi-di-pagamento/approfondimenti/2024-047/N.47-MISP-en.pdf?language_id=1
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    References listed on IDEAS

    as
    1. Boris Giannetto & Antonino Fazio, 2022. "Cyber resilience per la continuita' di servizio del sistema finanziario," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 18, Bank of Italy, Directorate General for Markets and Payment System.
    2. Currie, Wendy L. & Michell, Vaughan & Abanishe, Oluwakemi, 2008. "Knowledge process outsourcing in financial services:: The vendor perspective," European Management Journal, Elsevier, vol. 26(2), pages 94-104, April.
    3. Coletti Gabriele & Alberto Di Iorio & Emanuele Pimpini & Giorgia Rocco, 2022. "Report On The Payment Attitudes Of Consumers In Italy: Results From Ecb Surveys," Temi di discussione (Economic working papers) 21, Bank of Italy, Economic Research and International Relations Area.
    4. Erik Feyen & Jon Frost & Leonardo Gambacorta & Harish Natarajan & Matthew Saal, 2021. "Fintech and the digital transformation of financial services: implications for market structure and public policy," BIS Papers, Bank for International Settlements, number 117.
    5. Reyes González & Jose Gascó & Juan Llopis, 2016. "Information Systems Outsourcing Reasons and Risks: Review and Evolution," Journal of Global Information Technology Management, Taylor & Francis Journals, vol. 19(4), pages 223-249, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    payment system; market infrastructure; third parties; digital operational resilience; DORA; regulation; oversight;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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