Positive Estimate of the Payment System of BH

Payment system in BH is evaluated as extremely successful efficient and compliant with the Core Principles for systematically important payment systems of the Bank for International Settlements (BIS) in Basel. This is one of the main conclusions of the "Report on BH payment systems" and compliance analysis with international standards, which was presented during the session of the BH Payments Council (NPC), which was held on December 4, 2003, in the CBBH in Sarajevo.
The Report was made by the Financial Services Volunteer Corps and its consultant Leonard Fernelius, who had been previously engaged in the payment system reform. Even with positive estimate, members of the NPC agreed that the existing payment system needs to be continuously upgraded and modernized in order to continue to function in accordance with international standards and principles. So the NPC decided that two working groups would be established: the Working Group for Legal Issues, which would discuss the relevant legal framework, suggest necessary changes, amendments and harmonization, set implementation deadlines, while the other group, the Operational Working Group, would deal with technical issues, operational and other rules in the payment systems as well as its implementation in practice. The Report also suggested setup of the Disaster Recovery Plan for operations in contingencies, which the CBBH has already fully implemented.
The high priority in the Report was given to the establishment of the Single registry of transaction bank accounts. The draft proposal of such registry was presented to the NPC. Members of the Council, especially Bank Associations' representatives stressed that the establishment of the registry as one of the key tasks in providing the efficient functioning of the payment system in the country.
The NPC will intensify its work in future in order to provide continuance of the successful process of improving the payment system in BH, which will be significantly fostered by the existence of Banking Associations of BH Federation and RS, which will provide full representation of the banking sector in discussions on all relevant issues in the payment system domain. Another conclusion reached at the NPC meeting is that the special web page will be installed which will serve as a portal through which the general public will be informed about the NPC's work as well as all other document in the field of payment systems.