Payment firms have received a cautionary message from the Bank of England (BoE), urging them to heighten their readiness for upcoming operational resilience standards slated for implementation next year. These standards aim to fortify financial market infrastructure (FMI) firms against potential disruptions to payment systems, particularly in the face of cyber threats or adverse weather conditions. Sasha Mills, the BoE’s executive director for financial market infrastructure, stressed the significance of FMIs in gauging their tolerance for adverse impacts on critical business services and meticulously delineating essential operational components for service continuity. With the deadline approaching in March 2025, payment firms are urged to accelerate their preparations, including robust testing of their capabilities to manage potential issues and fostering closer collaboration among FMIs, participants, and the broader market.
Bank of England Urges Payment Firms to Prepare for New Operational Resilience Standards
The Bank of England issues a stern warning to payment firms, urging them to enhance their readiness for forthcoming operational resilience standards aimed at minimizing disruptions to payment systems. With the deadline approaching, firms are urged to intensify efforts in testing and collaboration to meet regulatory requirements effectively.