Maja Kadievska-Vojnovik: Global, European and Macedonian
developments in the area of payment systems and services
Speech by Ms Maja Kadievska-Vojnovik, Vice-Governor of the National Bank of the Republic
of Macedonia, at the Ninth International Conference on Payment and Securities Settlement
Systems, Ohrid, 6 June 2016.
* * *
Dear ladies and gentlemen,
It is with great pleasure and honor to welcome all of you to the Ninth Conference on Payment
and Securities Settlement Systems this morning in Ohrid.
This year, again, the National Bank of the Republic of Macedonia, in cooperation with De
Nederlandsche Bank and Banco de Portugal, continues the tradition in organizing international
conferences in the domain of Payment and Securities Settlement Systems, thus enhancing
the awareness of the importance of development of the payment systems and services for the
national economy and beyond.
Therefore, allow me to use this opportunity to express my gratitude and appreciation to De
Nederlandsche Bank and Banco de Portugal, as well as their esteemed representatives, for
this fruitful collaboration and the privilege to continue this traditional cooperation in the future.
In addition, we in the NBRM are very pleased with the presence of the representatives of the
central banks of the countries of Central, Eastern and Southeastern Europe, and the
participation of the countries of the Black Sea and the Middle East region, as well as those of
the Northern Africa. The growing interest for attending the Conference confirms once again
the significant contribution of the Conference to the enrichment of the knowledge and
exchange of experience of the representatives of the central banks in regional and international
frames. Nevertheless, the Conference would not be a unique treasure of knowledge and
experience, if it did not include the representatives of the domestic financial system and the
payment service providers, which by their continuous active participation and involvement in
the panel discussion, contribute to the thematic comprehensiveness of the Conference.
The Conference will cover the latest developments in payment and securities settlement
systems, as well as payment services on global, European and national level. In the global
context, Mr Klaus Löber, the esteemed expert from the European Central Bank, will elaborate
on the new developments in the area of implementation of the PFMIs, work on retail payments,
cyber security, digital innovations and correspondent banking. These are very important issues
for central banks given that we also promote the safety and efficiency of payment, clearing and
settlement, thereby supporting financial stability and the wider economy. In addition, the
developments in the compliance area regarding the prevention of money laundering, financing
of terrorism, insider dealing, fraud, corruption and other criminal offences are in the focus of
the Conference, as well. In this context, we appreciate the contribution of Mr Oliver Schufmann,
the representative of Commerzbank, who will present their experience regarding the
compliance activities.
In the European context, our colleagues from De Nederlandshe Bank and Banco de Portugal,
Mr Michiel van Doeveren, Mr Rui Pimentel, Mr Carlo Winder and Mr Richard Derksen will
provide relevant information about the ongoing changes in payment systems and services in
Europe. Thus, a discussion will be developed about the three main pillars of the Strategic
Vision 2020 of the Eurosystem: achieving a consolidated Eurosystem market infrastructure by
bringing the two infrastructures TARGET 2 and T2S closer together, harmonization of its own
collateralization techniques and procedures and development of pan-European instant
payment services. In addition, the latest developments in the legal spectrum regulating
payments at European level, with special emphasis on PSD2 Directive, will be elaborated.
Also, significant attention will be paid on developments in safe and secure payment services
as well as the conceptual and practical issues regarding the oversight on FMIs.
On the national level, our efforts are focused on the harmonization of the Macedonian
legislation with the EU regulation. The new Law on payment services and systems and related
bylaws will implement PSD and part of the provisions from PSD2, Settlement Finality Directive
and E-money Directive. Thus, a panel discussion is scheduled where esteemed
representatives from the payment service providers, NBRM and experts from Slovenia,
Mr Peter Centrih and Bulgarian expert, Mr Antonio Barzashki will elaborate the new package
of Macedonian legislative on payments. The NBRM expects that the new legislation in the
payment area will:
- foster the competition by allowing non-banking institutions enter the market with
innovative payment solutions;
- strengthen the rights of payment services users by obtaining clearer and timely
information, lower prices of payment services for payment users;
- enhance further the stability of payment systems;
- consolidate current regulation covered by several acts related to payment services;
and
- establish a legal base for faster integration of the Republic of Macedonia in the EU
and inclusion in the Single Euro Payment Area.
Apart from the new regulation in the payment services area, the NBRM took an important step
towards harmonization with the EU regulation in the oversight area by adopting new oversight
regulation. The new regulation brings together the internationally accepted standards for
payment systems operation contained in the Principles for Financial Market Infrastructures, as
well as the European Central Bank revised oversight framework.
In addition, I would like to point out the significant changes that have been done in the domain
of payment statistics in accordance with the ECB Regulation on payment statistics. The NBRM
developed new bylaws on payment statistics, which are expected to generate high quality and
comprehensive data, and will provide methodological and operational readiness of payment
statistics of the NBRM with that of the European System of Central Banks.
Ladies and gentlemen, at the end of my speech I declare the Ninth Conference on Payment
and Securities Settlement Systems open, and I wish the chairman, Mr Michiel van Duveren
and his colleagues, a successful Conference.
Finally, I wish you all a pleasant stay, hoping that you will take with you nice memories of Ohrid,
the city with thousands of years of history and beautiful nature that attract the tourists from all
over the world.
Тhank you very much for your participation in our Conference.