The responsibility for the payment system

2008-04-21 | Reports Bank

That the payment system functions and can withstand both internal andexternal incidents such as fire, flooding, power failures, etc. is of greatimportance to the national economy.

However, FI is not responsible for the supervision of the payment system as a
whole, only for some of the companies within it. There are no legislative
requirements that these companies shall maintain a minimum operational
reliability for payment services.

As there is no legislation, FI is mainly working together with the companies
and other authorities in a voluntary cooperation in order to identify the risks,
increase the resistance and strengthen the crisis management capability. FI is
working to broaden this cooperation to also include sectors outside of FI's area
of responsibility such as authorities and companies within the electricity,
telecommunications and Internet sectors.

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