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Saarc Payments Initiative SAARC
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* About SPI
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* Establishment of SPI
* Reasons for existence
* Objectives
* Institutional Framework
ABOUT SPI
The idea of establishing a regional payment initiative in the SAARC region was
originated at the SAARCFINANCE Conference on ‘Towards a Regional Payment Group’
held at the Central Bank of Sri Lanka (CBSL) in July 2007. The Governors of the
SAARCFINANCE Group approved the proposal for establishing a SAARC Payments
Initiative (SPI) at its meeting held in Washington in October 2007. The SPI was
launched on 28 March 2008 with inauguration ceremony held at the CBSL. The SAARC
Payments Council (SPC) the apex governing body of the SPI convened its first
meeting immediately after the inauguration ceremony.
The SPI is primarily aimed at strengthening the existing payment and settlement
systems (PSS) in the SAARC region to facilitate an efficient, robust, stable and
convergent PSS for SAARC region, that benchmark with international standards.
It’s vision and mission will be accomplished by, facilitating the implementation
of comprehensive reforms in domestic as well as cross border PSS through close
coordination and cooperation.
The SPC acts as forum of SAARC countries to:
* collectively evolve a high level strategic direction and implement a road map
for PSS reforms of individual member countries; and
* standardize PSS to create a level playing field in promoting regional
harmonization and integration of domestic PSS of member countries for the
development of intra regional PSS.
* The SPC comprises representatives nominated by the Governors of the
SAARCFINANCE group. The SPC meets bi-annually in a member country. Initially,
the SPI Secretariat was located at the Central Bank of Sri Lanka for a period
of 3 years. In February 2012, the Secretariat has been moved to the State
Bank of Pakistan for a period of two years to assist the SPC in coordinating
the work.
The SPC is undertaking number of activities/ measures to implement action points
of the Road Map broadly including:
* Carryout stocktaking exercise of Payment and Settlement Systems (PSS) in the
region on a comparable basis to understand the current status of the PSS in
each member country;
* Assess the volume of cross border remittance payments in member countries;
* Initiate to set up a National Payment Council (NPC)/ Committee in each member
country, where such a committee does not currently exist;
* Conduct conferences/ seminars; publish SAARC Payments Bulletin and its own
website to convey the developments in PSS in the SRRAC region and its future
endeavors; and
* Developing Payment System Matrix (PSM) consists of member countries important
payment systems electronic mechanisms, instruments and settlement mechanisms
etc. in order to help member countries to better understand while
communicating with each other and to bring their internal systems and
procedures at par.
Establishment of SPI
The SAARC Payments Initiative (SPI) is a regional forum created by central
banks/ monetary authorities of SAARCFINANCE Group to have common understanding
and cooperation to help each other to move forward in reforming their national
payment and settlement systems (PSS) and also to establish an appropriate
regional payment system that facilitates trade and investment in the region.
The Governors of the SAARCFINANCE Group approved the proposal for establishing a
SAARC Payments Initiative (SPI) at its 16th meetings held in Washington in
October 2007. The Central Bank of Sri Lanka Inaugurated the SAARC Payments
Initiative (SPI) on 28 March, 2008 at its John Exter International Conference
Hall.
Reasons for existence
The launching of the SPI was a historic event due to a number of reasons:
1. First, the national payment and settlement system (PSS) reforms to have a
regional forum under the SPI for SAARC countries to help and learn from each
other.
2. Second, the SPI is to provide an effective institutional arrangement for the
SAARCFINANCE Group to achieve one of its key policy objectives, i.e. working
towards an efficient payment system mechanism to promote trade and investment in
the region.
3. Third, with the establishment of the SPI, the SAARC region central banks get
an opportunity to become a regional partner of the global payment system
community and upgrade the region’s payment systems to international standards.
Objectives
SAARC Payments Council
Objectives
As decided at the 10th SPC meeting held on 28 November 2011
1. Strive to benchmark the payment and settlement systems operating in the SAARC
countries to international standards for promoting interoperability, efficiency,
transparency, flexibility, legitimacy and security.
2. Promoting electronic and other modes of funds transfers to facilitate
financial inclusion.
3. Establish an oversight framework to ensure safe and efficient payment and
settlement systems to promote public confidence.
4. Develop a comprehensive legal and regulatory framework for e-payments
specially on e-transaction processing, consumer protection, risk on fraudulence
activities and acceptance of electronic documents as evidence in legal
proceedings.
5. Initiate policies and procedures geared towards adoption of e-payments in the
Government/public sector to promote efficiency and e-governance.
6. Establish a regional level arrangement to facilitate cost effective
cross-border remittance system.
7. Provide technical support and assistance to each other.
8. Member countries may regularly exchange ideas and expertise to learn from
each other’s experience.
9. Promote regional co-operation in developing and promoting safe and secure
payment and settlement systems to reduce dependency on cash.
VISION
“Converging to internationally recognized benchmark for efficient and safe
electronic payment and settlement system infrastructure to cater to the emerging
needs of the region.”
MISSION
“Collaborate and assist in implementing enhanced and cost effective use of
electronic banking and payment systems as recognized in the statement of common
objectives.”
SPI SECRETARIAT
Payment Systems Department, 27th Floor, 2nd Annex Building, Head Office,
Bangladesh Bank, Motijheel,
Dhaka-1000, Bangladesh.
CONTACT
Telephone: +88029530174
Fax: +88029530096
© 2017 SAARC Payments Initiative. All Rights Reserved.
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