Conclusion The payments industry landscape is more fast-changing than ever, with customer preferences and technology advances driving innovation in the retail space and international regulatory developments adding further impetus for change in wholesale FMIs. Increasing complexity and use of the internet are adding to risk in retail systems which must be managed carefully by system participants.
Most major countries have moved since the GFC to strengthen their regulatory oversight of payment systems, with an emphasis on large systemic infrastructures. Internationally developed principles for FMIs have been widely adopted, including by New Zealand. The Bank is looking to strengthen its oversight regime in order to fully apply the principles to systemic FMIs.