Systems and means of payment

Lessons drawn from the last financial crises have highlighted the key role played by competent authorities in regulating Financial Markets Infrastructure (FMIs). Such regulators have also pursued their surveillance efforts to prevent the effects of contagion or systemic risks and to improve the financial system’s resilience and stability.

Besides, as a result of the strengthened normative framework of financial assets transactions and market infrastructures (registration, clearing, settlement and payment), the Bank for International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO) defined, jointly, new and more demanding international standards1 relating to market infrastructures. These principles, particularly focused on CCPs, aim to improve the resilience of the financial system, while putting a specific emphasis on promoting central clearing and disclosure of OTC derivatives.

Similarly, considering the role of  cashless means of payment in the global trading system, it is necessary to ensure security of their utilization in order to maintain public confidence in the currency and to ensure the proper functioning of the economy. Hence, it is of utmost importance that users of payment services have access to efficient, reliable and secure means of payment.

At the national level, supervision of payment systems and means is entrusted to the Central Bank as its fundamental mission, as enshrined in Article 10 of Law No 76-03 bearing statutes of Bank Al-Maghrib, which empowers the latter to take all necessary measures aiming to facilitate the transfer of funds. It ensures:

  • The proper functioning and security of payment systems
  • Security of systems of clearing, settlement and delivery of financial instruments
  • The security of cashless means of payment and the relevance of the standards applicable to them

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