Operational Resilience In Digital Payments Experiences And Issues

Major operational incidents in payment systems suggest the need to improve their resiliency. Meanwhile, as payment infrastructures become more digitalized, integrated, and interdependent, they require an even higher degree of resilience. Moreover, risks that could trigger major disruptions have become more acute given the rise in power outages, cyber incidents, and natural disasters. International experiences suggest the need to strengthen reliability objectives, redundancies, assessment of critical service providers, endpoint security, and alternative arrangements

The COVID-19 pandemic has spread across the world and left turmoil in every facet of society in its wake. As in-person activities came to an end for public safety, businesses closed, classrooms scrambled to transition online, and society was forever changed. As the pandemic comes to a close, it is essential that researchers take this opportunity to study the changes that have occurred so that society may revive what has been lost and promote resilience should another crisis arise. Societal Transformations and Resilience in Times of Crisis focuses on the revival of societal institutions after events such as natural disasters, pandemics, political turmoil, and global crises, and looks toward building more resilient structures. It contributes novel approaches and provides implications for countries to improve the social system through novel approaches. Covering topics such as employee psychological distress, democracy, and higher education institutions, this premier reference source is a dynamic resource for government officials, community leaders, non-governmental organizations, students and faculty of higher education, sociologists, business executives and managers, human resource managers, researchers, and academicians.

The SME Policy Index: Eastern Partner Countries 2024 – Building resilience in challenging times is a unique benchmarking tool to assess and monitor progress in the design and implementation of SME policies against EU and international best practice.

Digitalization of the economy provides both challenges and opportunities. Central banks should ensure that they have the capacity to continue to meet their policy objectives in the digital age. It is in this context that central bank digital currency (CBDC) should be evaluated. If designed appropriately, CBDCs could allow central banks to modernize payment systems and future-proof central bank money as the pace and shape of digitalization continues to evolve. However, the decision to proceed with CBDC exploration and an eventual launch would need to be jurisdiction specific, depending on the degree of digitalization of the economy, the legal and regulatory frameworks, and the central bank’s internal capacity. This paper proposes a dynamic decision-making framework under which the central bank can make decisions under uncertainty. A phased and iterative approach could allow central banks to adjust the pace, scale, and scope of their CBDC projects as the domestic and international environment changes.

The fourth edition of the Global Findex offers a lens into how people accessed and used financial services during the COVID-19 pandemic, when mobility restrictions and health policies drove increased demand for digital services of all kinds. The Global Findex is the world’s most comprehensive database on financial inclusion. It is also the only global demand-side data source allowing for global and regional cross-country analysis to provide a rigorous and multidimensional picture of how adults save, borrow, make payments, and manage financial risks. Global Findex 2021 data were collected from national representative surveys of about 128,000 adults in more than 120 economies. The latest edition follows the 2011, 2014, and 2017 editions, and it includes a number of new series measuring financial health and resilience and contains more granular data on digital payment adoption, including merchant and government payments. The Global Findex is an indispensable resource for financial service practitioners, policy makers, researchers, and development professionals.

This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.

The Business Year conducted more than 200 face-to-face interviews with leading investors, business leaders, and government representatives from all key sectors driving the country’s economic growth for this 336-page publication. In partnership with the Federation of the Saudi Chambers, we have created a comprehensive analysis of the trends defining the economy of the Kingdom, focusing on its resilience and the efforts of the government to build a new image and position the country as a leading player both at a regional and international level.