The government is also looking to implement a new Retail Payments Oversight Framework that will require payment service providers to beef up their risk management practices, and better protect end-users from losses. The Bank has been tapped as the regulatory authority to monitor compliance, including maintaining a public registry of regulated payment service providers. A third area of focus is an international one—cross-border payments.
Until a clearer picture emerges, the Bank’s approach will be to keep an open mind, and base its assessments about appropriate policy on a careful analysis of the data that become available. BIS central bankers’ speeches  5