Bank of Finland publishes new payments policy prioritising reliable and resilient payment systems and continued access to cash

The Bank of Finland published a new payments policy updating its 2018 and 2022 guiding principles and setting out how it will steer the development and oversight of payment and settlement systems towards operational reliability, convenience and trust for all customer groups. A core objective is to maintain genuine freedom of choice in payment methods by ensuring sufficient access to both payment systems and cash. The policy places particular emphasis on resilience, calling for contingency solutions and for payment and settlement systems to be able to respond to disruptions and cyber threats, with all entities involved expected to have adequate cyber security and incident management arrangements for shared systems. It also links reliability to deeper integration of retail payments in the Single Euro Payments Area, highlighting consistent compliance with European standards by service providers across the Eurosystem to support operational reliability and competition. Alongside system robustness, the Bank supports initiatives that improve fraud prevention and give customers trustworthy information for managing their own finances, stressing that electronic payment security also depends on individuals being able to use systems safely. The policy will be reflected in the Bank’s work when it assesses the operation of payment and settlement systems and participates in public debate on their development, with progress reviewed as part of the Bank’s annual monitoring of activities.