The structure has an advisory role and supports the central bank in fulfilling its duties regarding the promotion and monitoring of the proper functioning of payment systems and payment instruments in Romania, as well as those related to the authorization and supervision of services and payment instruments.
The new Committee will identify the measures needed to strengthen the retail payments market and develop an integrated payments market and it will submit proposals for measures to support the development of the payments market, including to increase the security of payments and to maintain users’ confidence in payment tools and services. It will also monitor technological progress and market developments in the field of payment services at national level and will establish strategies in the field of payments taking into account the impact of European, international and national regulations on payments on the Romanian payments market.
Also, the Payments Committee aims to identify barriers to increase financial inclusion in terms of payment services, the tools used and the costs involved, while facilitating close cooperation between the parties involved in the provision of payment services and instruments.
Representatives of payment service providers in Romania may be invited to the meetings of the Committee, including FinTech-type companies and the business environment, central government authorities, as well as other entities with relevant responsibilities in the field of payments, the central bank said in a press statement.