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Regulatory framework & Standards

Standards.jpgConsidering the international experiences and best practices, as well as relative stability in the banking technologies, the necessity of standardization in the national payment system and its instruments is pronounced by all banking specialists in the country. On the other hand the regulatory requirements of supervision and oversight as well as the state agenda to introduce and develop new concepts and means of banking services exploiting recent extra-ordinary developments in ICT technologies, was addressed in the CBI by the Payment Systems Department regulation section whose function is basically defined as providing a regulatory framework and developing national Standards on Payment and Settlement Systems and their instruments considering international best practices in combination with local issues to first, reduce the overall costs and investments by the banking system while providing quality services to the customers and secondly, to regulate industry and provide means of supervision and oversight for central banking functions to minimize and manage  relative risks.