ECB report shows high standards for business continuity arrangements of payment systems
08 September 2010
Six payment systems operating in the Euro Area and classified as “systemically important” were assessed for compliance with the business continuity oversight expectations: TARGET2, EURO1, CORE, POPS, PMJ and CSS.
The European Central Bank published an assessment report on the implementation status of the Eurosystem’s business continuity oversight expectations for systemically important payment systems. The assessment was carried out as part of the Eurosystem’s oversight task and confirmed that the business continuity and crisis communication arrangements of the assessed systems are maintained at high standards by the respective operators. Although further improvements are recommended in some areas, the deficiencies identified do not pose a significant risk to the effective functioning of the overall business continuity framework of the systems. System operators are expected to act on the oversight findings communicated to them without undue delay, and to continue reviewing and testing their business continuity and crisis communication processes on a regular basis to detect and eliminate potential weaknesses.
© ECB - European Central Bank
