2013年-IMF国际货币组织全球_Saudi_Arabia_Financial_Sector_Assessment_Program_UpdateDetailed_Assessment_of_Observance_of_the_CPSS_Core_Principles_for_Systemically_Important_Payment_Systems_45页_776kb

Summary of Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the CPSS Core Principles for Systemically Important Payment Systems

Core Content

This document provides an assessment of the systemically important payment systems in Saudi Arabia based on the Core Principles for Systemically Important Payment Systems (CPSIPS), conducted as part of the Financial Sector Assessment Program (FSAP) Update in April 2011. The assessment was carried out by Massimo Cirasino, and it outlines the institutional, legal, and operational framework of the country's payment systems, including the Real Time Gross Settlement (RTGS) system (SARIE) and Securities Settlement Systems (SSS).

Key Findings

• National Payments System (NPS):
  The NPS in Saudi Arabia is comprehensive and standardized, with a robust infrastructure managed by the Saudi Arabian Monetary Agency (SAMA). It supports a wide range of payment services and includes systems such as SARIE, SPAN, SADAD, and check clearing houses.

• SARIE System:
  SARIE is the only systemically important payment system in Saudi Arabia and serves as the backbone of the NPS. It supports both large-value and small-value payments, gross and net settlement, and credit and debit transfers. All settlements are final and irrevocable. SARIE is compliant with all CPSIPS Core Principles except for CP 1 (Legal) and CP 9 (Access), which are broadly observed.

• Legal and Regulatory Framework:
  The legal framework includes Central Bank Law, Banking Control Law, Securities Market Law, and AML/CFT Law, among others. However, there is no comprehensive payment system law, and it is strongly recommended to be enacted to provide a clear legal basis for payment system oversight and Emergency Liquidity Assistance (ELA).

• Securities Settlement Systems (SSS):
  SSS operate safely and efficiently, with T+0 settlement for corporate securities (excluding sukuks). The Securities Depository Center (SDC) is under the control of Tadawul and is not a self-regulatory organization (SRO). There is a need for fair access to the settlement infrastructure for non-bank brokers/dealers.

• Payment System Oversight:
  SAMA is responsible for overseeing the payment systems, but its powers are not clearly defined in the law. A comprehensive Payment System Law is recommended to clarify these responsibilities. Additionally, SAMA should establish an independent oversight unit and publish a publicly available document detailing its policy stance and plans for payment system reform.

• Retail Payment Systems:
  Retail payment services are provided exclusively by commercial banks and include cheques, direct debits, credit transfers, and payment cards. Debit cards are the most widely used, with over 1.56 million daily transactions, though most are for ATM withdrawals. The prepaid card initiative is aimed at increasing financial inclusion for the 12 million unbanked and underbanked population.

• Payment Infrastructure:
  The SARIE system uses SWIFT messaging standards and IBAN account numbers. It employs smartcards and digital certificates for authentication. Liquidity optimization methods include queuing and prioritization, with FIFO processing based on priority. Multi-lateral offsetting algorithms are in place for automatic and manual settlement adjustments.

• Business Continuity Policy (BCP):
  SARIE has a well-defined BCP and is periodically tested. The system has multiple contingency measures, including on-site recovery, switching to contingency systems, and manual data uploads. A fully equipped backup system is available at a contingency site outside of Riyadh, with real-time data replication to ensure seamless operations in case of a failure.

• Future Improvements:
  The Integrated Payments Strategy System (IPSS) has proposed separating ACH functionalities from SARIE and enhancing payment system efficiency through the adoption of IBAN standards. There is a need for structured cooperation between SAMA and CMA, including joint technical working groups, to improve the payment and securities settlement systems.

Recommendations

1. Enact a Payment System Law:
   To provide a legal basis for payment system oversight and Emergency Liquidity Assistance (ELA).

2. Clarify SAMA's Oversight Authority:
   Define the central bank's powers in operating, regulating, and overseeing payment systems in the law, and establish an independent oversight unit.

3. Enhance Fair Access to Settlement Infrastructure:
   Ensure non-bank brokers/dealers have fair and open access to the settlement systems, especially as the country moves toward intra-day settlement.

4. Finalize MOU Between SAMA and CMA:
   Establish a Memorandum of Understanding (MOU) to formalize joint responsibilities in payment and securities settlement systems.

5. Improve BCP and Operational Resilience:
   Continue to strengthen the BCP and ensure operational continuity in case of system failures.

6. Promote Financial Inclusion:
   Expand the prepaid card initiative to reach the unbanked and underbanked segments of the population.

7. Standardize and Modernize Payment Systems:
   Implement the IPSS recommendations, including the separation of ACH functionalities and the adoption of IBAN standards.

Conclusion

The payment and securities settlement systems in Saudi Arabia are well-developed and efficient, with SARIE serving as the central hub. However, there are gaps in the legal framework and oversight mechanisms that require clarification and enhancement. The FSAP Update highlights the need for a more comprehensive legal structure, improved regulatory cooperation, and greater transparency and resilience in the payment systems. The continued role of SAMA in catalyzing reform and expanding financial inclusion is commendable, and further steps are recommended to ensure systemic stability and efficiency in the financial sector.