Payment systems and securities registration, clearing and settlement systems are at the heart of a country’s economic and financial activity. Broadly speaking, they are the infrastructure through which assets are channelled in an economy. Consequently, the smooth operation of payment systems and securities infrastructures is essential for financial stability and the proper functioning of the economy.
The Banco de España’s functions include fostering an innovative payment ecosystem and the proper functioning of payment systems. To this end, it acts as a catalyst for innovation in the payment ecosystem, as a supervisor of payment systems and as the authority responsible for their oversight. In its role as a catalyst, the Banco de España ensures that new payment solutions are secure, accessible and efficient when payments are made at physical points of sale or via e-commerce, even by mobile phone. Oversight is the key tool for identifying and evaluating inherent risks and for verifying that the systems have adequate mechanisms in place for their control. In this function, the National Securities Market Commission (CNMV) also cooperates in the oversight of securities infrastructures.
To learn more, see our section on Payment systems
The digital euro
The Eurosystem, of which the Banco de España is a member, is looking into the possibility of having a digital euro. It would be the digital version of our currency and would complement cash, giving people an additional choice about how to pay. You would still be able to pay with cash, which would not be replaced. The project is in a preparation phase, and no decision has yet been taken on its potential issuance.
You can find out more in our Digital euro section