Supervision of Electronic Payment

The Central Bank of Syria plays a multifaceted role encompassing operations, regulation, supervision, and oversight of payment, clearing, and settlement systems. It is tasked with achieving and ensuring financial stability through the safety and efficiency of various payment systems. This is achieved by leveraging a national electronic payment infrastructure, which establishes robust banking and financial systems capable of meeting the continuity and availability requirements of electronic banking services across all sectors, thereby bolstering support for the national economy. The national electronic payment infrastructure comprises the following electronic payment systems:

1. Syrian Gross Settlements (SYGS) for the settlement of high-value payments between financial institutions.
2. Electronic banking services clearing, also known as National Switch.
3. Electronic check clearing.

In addition to various payment, clearing, and settlement systems and other financial technologies that contribute to enhancing the effectiveness of monetary policy tools by promoting financial inclusion and stability. This responsibility falls under the purview of the Payment Systems Directorate, which carries out the following functions:

1. Developing and drafting operational and regulatory instructions for electronic payment and financial technologies within the Central Bank of Syria, subject to appropriate approval processes.
2. Licensing electronic payment companies in accordance with relevant decisions and regulations governing their operations.
3. Participating in the assessment of financial institutions' utilization of electronic payment systems and financial technologies.
4. Participating in the development of regulatory frameworks for electronic payment systems, electronic payment methods, financial technologies, and electronic banking services at financial institutions, in collaboration with the Banking Supervision Department, to ensure appropriate approval.
5. Managing and operating the payment, clearing, settlement, and electronic financial transfer systems operated by the Central Bank of Syria.
6. Proposing decisions and instructions for the security and protection of information related to electronic payment systems and their financial tools and technologies, in coordination with the Information Technology Directorate and the Banking Supervision Department.
7. Developing plans to train and qualify human resources to advance in electronic payment and its associated financial technologies.
8. Conducting studies, compiling statistics, and generating periodic reports in the field of electronic payment and financial technologies.
9. Representing the Central Bank of Syria in matters related to electronic payment, clearing, and settlement.
10. Overseeing the payment, clearing, and settlement systems operated by the Central Bank of Syria.
11. Supervising electronic payment systems and financial technologies operated by financial institutions, in coordination with the Banking Supervision Department.
12. Monitoring electronic payment companies' adherence to laws, decisions, and instructions governing electronic payment, financial technologies, and related services, as well as directives from Combating Money Laundering and Terrorism Financing Commission.