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Highlights The strong growth in digital payments over the past decade continued in 2021. The volume and value of fast payments reached record levels. Even so, digital payments have not yet fully replaced cash. Public demand for cash remains steady, both as a means of payment and as a safe haven. While the digitalisation of payments is a global trend, payment habits still differ across countries. Interoperability of payment systems within and between countries is key to ensuring that payments can be made seamlessly, regardless of the chosen payment method. Introduction Digitisation is changing the way people pay. Over the last decade, technological innovations have enabled new access modes, such as online banking and mobile apps. This has helped consumers and businesses to migrate away from cash and cheques towards electronic payments, including card payments, electronic fund transfers and e-money payments. In addition, an increased demand for convenience and speed has resulted in a growing use of contactless and fast payments. Some of these trends accelerated with the Covid-19 pandemic in 2020. The 2020 Red Book statistics (as well as other studies) were already pointing to a significant uptake in digital credit transfers and contactless card payments. At the same time, the pandemic led to a surge in cash holdings. This CPMI Brief documents the extent to which these trends continued using the 2021 Red Book statistics collected in the second half of 2022 for the 27 member jurisdictions of the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI).  Read more.
Improving cross-border payments is a high-priority area for the FSB. We are looking for an individual to join the small team supporting the FSB’s work on implementing the G20 roadmap to address challenges and frictions in existing cross-border payment systems and processes. By joining the FSB you will: join a small international Secretariat interacting with senior policymakers on issues that are at the forefront of global financial stability gain exposure to a wide variety of topics and initiatives. In addition to work on enhancing cross-border payments, this includes digital innovation, non-bank financial intermediation and climate-related risks among others (as illustrated by the FSB’s annual report to the G20 for 2022[1]) support the wider FSB membership through developing analytical and policy work, preparing reports for discussion by members and publication, organising meetings of senior officials around the world and taking forward the actions agreed at those meetings. Support of FSB work on payments and related innovations involves: As part of the team working on the cross-border payments roadmap, you will be working in close collaboration with the Committee on Payments and Market Infrastructures (CPMI) and other bodies.[2] Over the coming years, in relation to the new phase of the roadmap focusing on practical projects, the FSB is leading the work on a number of actions under the roadmap. This includes topics such as how new technology, including better use of data, can improve cross-border payments. Principal responsibilities: Lead the secretariat support for creating enhanced frameworks for data and identifiers can improve payments. Collaborate with the CPMI and other international bodies on payments and related topics. Represent the FSB Secretariat at conferences, workshops and other external events on payment issues. Prepare briefings for the FSB Chair, SRC Chair and Secretary General on payment-related matters. Required skills and experience: Expertise in payment systems and changes resulting from financial innovation. Knowledge of issues involving the interaction of data frameworks and the financial sector, and the opportunities and challenges provided by new technologies. Strong project management skills, including the ability to handle complex assignments and manage multiple tasks under tight timelines. Excellent writing and communication skills in English. Who we are: The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups. By joining us, you will work in a unique, highly rewarding and international work environment. You will also join an organisation that values and supports diversity and inclusion in all its forms. What we offer: In return, we offer a competitive compensation package and relocation support. In addition, thanks to our status as an international organisation, we can hire globally and welcome applications from candidates of all nationalities and located anywhere in the world. The position is based in Basel, Switzerland and is available as from June 2023 (or a later starting date based on mutual agreement). The contract term is for a fixed term of two years, with the possibility of a one-year extension. [1] FSB (2022), Promoting Global Financial Stability: 2022 FSB Annual Report, 16 November. [2] FSB (2022), G20 Roadmap for Enhancing Cross-border Payments: Priorities for the next phase of work, 10 October.    
The Financial Stability Board (FSB) Secretariat is seeking to recruit a Member of the Secretariat to support the monitoring of implementation of global financial reforms. By joining the FSB you will: join in a small international team interacting with senior policymakers on issues that are at the forefront of global financial stability gain exposure to various topics and initiatives, such as non-bank financial intermediation, vulnerabilities assessments, climate-related risks, among others (as illustrated by the FSB’s annual report to the G20 for 2022[1]) support the wider FSB membership through developing analytical and policy work, preparing reports for discussion by members and publication, organising meetings of senior officials around the world and taking forward the actions agreed at those meetings. Support of FSB work on monitoring implementation of reforms involves: Monitoring and reporting on the implementation of the G20/FSB financial regulatory reforms is a core FSB mandate. This covers both the reforms that were agreed in the aftermath of the 2008 global financial crisis (e.g. policies for systemically important financial institutions, over-the-counter derivatives reforms) and more recent reform initiatives (e.g. non-bank financial intermediation). Tasks include reporting on members’ progress in meeting their commitments and in implementing international financial standards and other policy initiatives[2]; conducting peer reviews of FSB members (which are an obligation of membership); and encouraging global adherence to prudential regulatory and supervisory standards. Principal responsibilities: Work closely with the Chair of the Standing Committee on Standards Implementation (SCSI) in setting meeting agendas and carrying out the SCSI work plan. Support the work of the SCSI and its groups, including through the development of analytical tools for reporting on implementation progress (e.g. dashboards and visualisation tools). Participate in preparing thematic and country peer reviews across all stages of the process. Support other implementation monitoring activities (e.g. conduct stock-takes, compile survey responses, draft progress reports) and related work to analyse the effects of G20 financial reforms, including the preparation of the FSB Annual Report to the G20. Develop and maintain contacts with a wide range of international organisations, national authorities and other partners involved in policy implementation. Prepare briefings for the FSB Chair, SCSI Chair and Secretary General on implementation monitoring matters. Required skills and experience: Practical experience in the implementation of international standards or policy reforms, acquired either in the context of undertaking relevant work for an FSB member authority or in an assessment capacity working for an international financial institution. Exposure to a broad range of reform areas would be particularly useful. Solid analytical skills and good understanding of institutional frameworks and data sources for financial systems. Strong project management skills, including attention to detail and the ability to handle complex assignments and manage multiple tasks under tight timelines. Excellent writing and communication skills in English. Experience in coordination of international work, or of large domestic or internal projects involving multiple stakeholders, would be welcome. Who we are: The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups. By joining us, you will work in a unique, highly rewarding and international work environment. You will also join an organisation that values and supports diversity and inclusion in all its forms. What we offer: In return, we offer a competitive compensation package and relocation support. In addition, thanks to our status as an international organisation, we can hire globally and welcome applications from candidates of all nationalities and located anywhere in the world. The position is based in Basel, Switzerland and is available as from June 2023 (or a later starting date based on mutual agreement). The contract term is for a fixed term of two years, with the possibility of a one-year extension. [1] FSB (2022), Promoting Global Financial Stability: 2022 FSB Annual Report, 16 November. [2] See the following links for more information on the FSB’s work on implementation monitoring and peer reviews.