The course focuses on the current development in the structure and operation of PSS (including current state-of-the art PSS technology), system interdependence, risk identification and mitigation, and critical roles of central banks in PSS. The course also introduces participants to internationally recognized standards for sound and efficient PSS and principles of financial market infrastructures. Concepts such as large-value payment systems (LVPS), retail payment systems (RPS), deferred net settlement (DNS) and real-time gross settlement (RTGS) systems, card-based payment systems, national payment switches, and global initiatives to make payments faster, cheaper, and more secure will be covered.
At the end of the course, participants will be able to: (1) describe detailed operations of LVPS, RPS, and securities settlement systems; (2) explain the increasing importance of system interdependence; (3) identify risks in PSS activities and determine risk mitigation tools/strategies (4) explain critical roles of PSS in safeguarding monetary and financial stability; and (5) explain rationales of international standards.
The course is designed for staff from central banks with at least one to two years of work experience on PSS and/or risk management, or IT supervision. Participants should have some basic knowledge of payment and settlement concepts and operations.
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