Virtual panel   Virtual   
  Thu 20 May 2021 16:00 - 17:00

The payments landscape is changing rapidly, driven by new and evolving technology, non-traditional players and new payment instruments. At the same time, central banks’ core objectives and functions – financial stability, monetary policy, banking supervision and financial services access – haven’t changed. Against this backdrop, central banks are evaluating and/or deploying new digital settlement solutions, including faster payments systems and central bank digital currencies. This discussion will explore these key topics, focusing on the role of the private sector, central banks and the importance of competition and innovation for the new payments landscape.

The discussion will centre around the following questions:

  • Central banks play several roles in payments, including serving as catalyst, overseer, regulator and operator. Increasingly central banks are expanding their role into digital retail payments. What are some of the drivers for this new trend for banks? How do central banks decide when to operate retail payments? How do they ensure competition and resilience in retail payments markets when they are also key players? What are some of the best practices/lessons for central banks?
  • The pandemic has shown the importance of innovation and digitisation. Increased connectivity and user-friendly technology have helped reduce costs and bring financial services to more people and businesses. What are some of the current trends in payments innovation? How can central banks foster these trends and create an environment that ensures development? What support does the private sector need from policy-makers to innovate and compete?
  • When a central bank decides to be an operator, what are the norms and best practices for behaviour in relation to its other roles, so as not to stifle competition, pick winners or create potential conflicts of interest?

Panelists:

Peter Conti-Brown
Assistant Professor
The Wharton School, University of Pennsylvania
Charlotte Hogg
CEO, Europe
Visa
Judith Obholzer
Managing Executive Public Policy
Vodacom

Further speakers to be announced.

Timings:
16:00-17:00 (London)
11:00-12:00 (New York)

This virtual discussion is part of the OMFIF Digital Monetary Institute. OMFIF, the global central banking think tank, proudly announces the launch of the OMFIF Digital Monetary Institute on 5 May. The OMFIF Digital Monetary Institute creates a high-level college which convenes key policy-makers, technologists, financiers and regulators to explore the challenges, opportunities and implications of digital finance in the 2020s. See more information on OMFIF’s DMI here. Please contact julia.demidova@omfif.org directly for membership details or register your interest below and we’ll be in touch.


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