How to Implement
Guidance
Set the regulatory foundation for technical providers.
National statutes should provide the relevant context for technical providers to exist. Financial system regulators need to deeply understand the function that each of these entities performs, the value they provide to end users and DFSPs, and the potential risks they present.
Define in Scheme rules who can play, and how.
The Scheme should clearly define the different type(s) of entities that are supported along with specifying their roles and responsibilities and any expected legal relationship with DFSPs. Similarly, the Scheme should clearly define how DFSPs and technical providers work together and which entity carries which operational liabilities.
Support payment initiation providers.
The Scheme embraces payment initiation service providers and payment aggregation entities as central elements in scaling the Inclusive IPS. In particular, these providers are key to keeping costs low while also increasing the ways in which end users can access the payment system by giving them more choice in their preferred user experience.
Why It Matters
This ensures a wider range of services, enhances innovation, tends to lower costs and expand access, making Inclusive IPS more useful for both end users and DFSPs.
Seeing More Clearly
Select a lens to learn the “why” this practice.
Women’s Inclusion
Women are more likely to use non-bank rather than bank providers and benefit from their participation in the Scheme. They further benefit from increased competition between providers, which may motivate those DFSPs to build better products to attract more women users.
Fraud Mitigation
Fraud mitigation requires a dedicated and collaborative ecosystem effort that goes beyond the Scheme and participating DFSPs. Technical providers may provide fraud mitigation tools to DFSPs and to the Scheme to raise the level of mitigation while lowering its cost to individual ecosystem participants.
Related Resources
From the Community
Helpful resources from other organizations on implementing this practice.
Explore more practices
Review other L1P practices and learn more about how to apply them to your IPS.
