A deliberations on the legal and economical (procedural) principles governing payment systems from the perspective of the CPSS document

Document Type : Scientific research

Authors

• Mohammad Reza \شسذشد ¹
• Abbas Toosi ²
• Maryam Alimohammadi ³
• ebrahim abdipour ⁴

¹ Professor, Economic Law dept, Faculty of Law and Political Sciences, Allameh Tabataba'i University, Tehran, Iran

² Alameh Tabatabaei

³ Ph.D Student in Private Law, Allameh Tabataba;i University

⁴ Professor, Private Law dept, Faculty of Law, Qom University, Qom, Iran

10.22067/economlaw.2023.81198.1253

Abstract

Payment systems are the most essential part of any country's economic and monetary infrastructure, and their performance is vital to the rapid and effective settlement of transactions as well as the safe transfer of funds across the economy. This system also improves efficiency and economic system stability in the national and international levels. The report of the core principles of systemically important payment systems of the International Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements (BIS), known as the "CPSS" document includes ten legal and economic principles governing the processes of payment systems.

This document is now strongly reflected in international law and economic systems, and it has been used and developed in a wide range of fields, including payment systems, central bank strategies, and supervisory policies in various countries around the world. This research, for the first time, provides the necessary foundation for applying, adapting, and evaluating all types of payment systems in Iran within the framework of these principles by introducing and briefly explaining these principles, as well as their legal and economic aspects. In this way, we can see the advancement and development of internal payment systems following the most recent international payment law standards and norms.

Keywords

• payment system
• legal principles
• economic or procedural principles
• Central Bank
• CPSS document

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