An Overview of Payments and Payment Systems

• Jurisdiction: European Union
• Year: 2024

Speaker

Christos Gortsos, a prominent figure in public economic law at the National and Kapodistrian University of Athens, has extensive expertise in EU monetary and financial law, financial market regulation, and central banking law. His academic contributions include numerous books and articles, with his latest publication focusing on EU banking regulation. Gortsos holds several leadership roles, including President of the Academic Board at the European Banking Institute and Vice-President of the Board of Appeal at the European Supervisory Authorities.

He is actively involved in expert groups on banking resolution for the European Parliament and the European Court of Auditors. With a diverse educational background spanning law, economics, finance, and international studies, including studies at prestigious institutions like the Wharton Business School and the Graduate Institute of International Studies in Geneva, Gortsos continues to influence international monetary law through various academic and research initiatives.

Topic

Professor Dr. Christos V. Gortsos explores the essential components and regulatory frameworks governing financial infrastructures. He outlines the crucial role of financial systems in facilitating cashless payments, encompassing transfers between entities such as households, businesses, and governments. This function extends beyond physical cash to include digital payment instruments managed by financial firms.

There is a categorization of financial market infrastructures (FMIs) into payment, clearing, and settlement systems, central securities depositories (CSDs), central counterparties (CCPs), and trade repositories (TRs). Each plays a pivotal role in ensuring the efficiency and stability of financial transactions, from basic payment transfers to complex securities clearing and settlement processes.

A significant focus is placed on the Committee on Payments and Market Infrastructures (CPMI), which sets international standards to promote stability and efficiency across payment systems. These standards cover various policy areas such as large-value payment systems, retail payment instruments, and securities clearing. The CPMI collaborates...