Cross-border implementation of Basel II As I noted earlier, each country must implement Basel II as appropriate for the particular jurisdiction. To that end, the U.S. agencies are taking actions to ensure that implementation in the United States is conducted in a prudential manner and without generating competitive inequalities in our banking sector.
This includes clearing and settlement rules and standards, industry governance and risk management. Product features such as end-user fees, delivery channels and customer service fall outside the cooperative sphere and will be used as basis of competition. The formation of the PSMB and the PESO Net and InstaPay ACHs essentially sets in motion the operationalization of these NRPS principles.