ICD Corporation performs consulting on domestic payment systems including Real Time Gross Settlement (RTGS), Securities Settlement, Foreign Exchange, ACH, Card-based and Cheque-based payment systems with special focus on the legal basis, regulatory and supervisory strategy, central bank capacity, standards for payment instruments and processing, governance, systems and technology and overall compliance with the Bank for International Settlements BIS “Core Principles for Systemically Important Payment Systems”. ICD Corporation performs assessments and makes recommendations regarding the payment strategy, operation of payment systems, regulation and supervision of payment system providers, internal organization of central bank payments department, capacity building, and operations. ICD Corporation also supports central banks in the definition of requirements, system design, development of specifications and bidding documents, procurement assistance, project management and implementation.
- Payment System Assessment and Recommendations – Assessment of existing payment mechanisms both within the central bank and the private sector with recommendations on ownership, structure, capacity building and training. ICD Corporation provides assessments and recommendations in line with the Financial Sector Assessment Program (FSAP) format using the BIS “Core Principles” as the benchmark.
- Payment System Strategy – ICD Corporation supports the central bank in the development of the strategy for payment systems including the formation of a payment system advisory or national payments council composed of participants, operators, central bank and other stakeholders.
- Regulatory and Supervisory Responsibilities – ICD Corporation assists central banks in defining the strategy for payment systems including the definition of a regulatory regime with a supervision process that ensures compliance.
- Legal Basis – Assistance is provided in the development of a payment system act or agreement with participants and operators that clearly defines the roles and responsibilities of the central bank, payment system providers and participants.
- Systems and Technology – ICD Corporation provides additional assistance in the development of system requirements, system design, development of specifications and bidding documents, procurement, project management and implementation. This assistance also includes training, capacity building, business continuity and disaster recovery planning, IT governance and strategic planning for all aspects of payment systems and operations.