Overseen payment system infrastructure
Payment systems | Payment schemes | Securities settlement systems | Securities clearing systems | National payment institutions providing the acquiring servicePayment systems | Payment schemes | Securities settlement systems | Securities clearing systems | National payment institutions providing the acquiring service
All English versions of information and documents are published at this website only for information purposes and to clarify how the NBP’s oversight is conducted.
Payment systems
In accordance with the Act of 24 August 2001 on Settlement Finality in Payment and Securities Settlement Systems and the Rules of Oversight of these Systems, the Governor of NBP performs oversight of the payment systems. In connection with the above, the operation of a payment system, with the exception of systems operated by NBP, requires the authorisation of the Governor of NBP. The authorisation of the Governor of NBP is also required to introduce changes in the rules of functioning of the payment systems.
The criteria set out in the Settlement Finality Act are assessed with reference to the provisions of other domestic laws, generally accepted international standards (inter alia prepared by CPMI-IOSCO1) and the requirements set out by the institutions of the European Union (in particular those determined by the ECB).
Primary regulations:
The Payment Services Act – in Polish
Supplementary guidelines:
Principles for financial market infrastructures – in the part pertaining to payment systems
Principles for financial market infrastructures: Disclosure framework and Assessment methodology – in the part pertaining to payment systems
Revised oversight framework for retail payment systems
Oversight expectations for links between retail payment systems
Guidance on cyber resilience for financial market infrastructures
Cyber resilience oversight expectations for financial market infrastructures
Payment schemes
In accordance with Article 14(2) of the Act of 19 August 2011 on Payment Services the Governor of NBP oversees the functioning of payment schemes.
A payment scheme should be understood as a set of rules concerning processing of payment transactions, issuing and accepting of payment instruments by payment service providers and processing of payment transactions with the use of payment instruments and the payment card scheme.
Within his oversight competencies, the Governor of NBP is entitled to take actions involving in particular:
- granting authorisation to operate a payment scheme and to introduce amendments in the rules of operation of such a payment scheme,
- preparing assessments of the functioning of payment schemes,
- requesting the submission of information or documents necessary for the assessment,
- requesting the submission of information about the business activity carried out by payment schemes operators,
- issuing recommendations,
- issuing decisions on the temporary, partial or complete suspension of functioning of a payment scheme or the withdrawal of authorisation for the operation of a payment scheme,
- imposing financial penalties.
The provisions of the Payment Services Act set out different scope of competencies of the Governor of NBP depending of the type of payment schemes
If the payment organisation does not perform activities as an issuer or an acquirer, and entrusts the whole of such activities to other providers of payment services, this type of scheme is considered as a four-party payment scheme. The operation of such scheme requires authorisation of the Governor of NBP. Besides the payment organisation, in such kind of scheme are included issuers of payment instruments for their clients and acquirers providing the acquiring service to merchants.
In scheme where the payment organisation is the only entity issuing payment instruments and the only entity providing acquiring services to the merchants (i.e. if it simultaneously acts as the operator of the scheme, the issuer and the acquirer), then this kind of scheme is recognised as a three-party payment scheme. Operating of such scheme does not require the authorisation of the Governor of NBP.
If a foreign four-party payment scheme has been assessed by the competent authority in the European Union, its functioning in Poland does not require authorisation of the Governor of NBP. Assessment of fulfilling of this condition is in competence of the Governor of NBP.
The detailed rules of oversight of payment schemes performed by the Governor of NBP are defined in the provisions of the Payment Services Act and its implementing regulations.
In order to facilitate the preparation of information for the purposes of oversight, a questionnaire has been prepared, which is available below. The questionnaire is intended for entities that operate (or intend to operate) a payment scheme. In accordance with the art. 132zu para. 3 of the Payment services Act, a questionnaire, as a component of application, shall be submitted in Polish language.
Primary regulations:
The Payment Services Act – in Polish
Regulation of the Minister of Development and Finance of 17 May 2017 on functioning of a payment system – in Polish
The MIF Regulation – in Polish
Supplementary guidelines:
Oversight framework for card payment schemes – standards
Guide for the assessment of card payment schemes against the oversight standards
Harmonised oversight approach and oversight standards for payment instruments
Recommendations for the security of internet payments
Assessment guide for the security of internet payments
Files to download:
Payment schemes – Frequently Asked Questions
Guidelines for payment organisations on reporting obligations
Securities settlement systems
Pursuant to the Act of 29 July 2005 on Trading in Financial Instruments the Governor of NBP acts as a member of the Polish Financial Supervision Authority (PFSA), which supervises entities operating inter alia securities settlement systems. An opinion of the Governor of NBP is required to grant an authorisation to the entity operating a settlement system, to introduce amendments to its rules and introduce amendments to the rules of the National Securities Depository (KDPW) and the subsidiary to which the KDPW delegated the performance of certain activities, including clearing services.
In accordance with article 12(1) of the Central Securities Depositories Regulation (CSDR)2, NBP participates in the process of granting authorisation to the central securities depository, which is performed by the Polish Financial Supervision Authority and in the supervision exercised by that authority over them.
Primary regulations:
Commission Delegated Regulation (EU) 2017/389
Commission Delegated Regulation (EU) 2017/390
Commission Delegated Regulation (EU) 2017/391
Commission Delegated Regulation (EU) 2017/392
Commission Implementing Regulation (EU) 2017/393
Commission Implementing Regulation (EU) 2017/394
The Financial Instruments Trading Act – in Polish
Supplementary guidelines:
Principles for financial market infrastructures – in the part pertaining to securities settlement systems and CSDs
Principles for financial market infrastructures: Disclosure framework and Assessment methodology – in the part pertaining to securities settlement systems and CSDs
Guidance on cyber resilience for financial market infrastructures
Securities clearing systems
Pursuant to the Act of 29 July 2005 on Trading in Financial Instruments the Governor of NBP acts as a member of the Polish Financial Supervision Authority (PFSA), which supervises entities which operate inter alia operators of securities clearing systems. An opinion of the Governor of NBP is required to grant an authorisation to operate a clearing house, to introduce amendments to its rules or introduce amendments in the rules of the subsidiary of National Securities Depository (KDPW) operating securities clearing system. Additionally, pursuant to the Financial Instruments Trading Act the Governor of NBP issues an opinion on the imposition by the PFSA of a temporary ban on the CCP3 operations, regarding investing all or part of its own funds in all or some types of financial instruments or a temporary ban on accepting all or some types of transactions by the CCP for clearing.
In accordance with the European Market Infrastructure Regulation (EMIR)4, NBP is entitled to participate in a supervisory college for the CCP. In connection with these rights, NBP is a member of the college established for supervising KDPW_CCP S.A. (subsidiary of the National Securities Depository, KDPW S.A.)
Primary regulations:
Commission Delegated Regulation (EU) 149/2013
Commission Delegated Regulation (EU) 152/2013
Commission Delegated Regulation (EU) 153/2013
The Financial Instruments Trading Act – in Polish
Supplementary guidelines:
Principles for financial market infrastructures – in the part pertaining to CCPs
Principles for financial market infrastructures: Disclosure framework and Assessment methodology – in the part pertaining to CCPs
Guidance on cyber resilience for financial market infrastructures
Public quantitative disclosure standards for central counterparties
National payment institutions providing the acquiring service
Pursuant to the Act of 19 August 2011 on Payment Services the Governor of NBP acts as a member of the Polish Financial Supervision Authority (PFSA), which supervise entities which operate inter alia national payment institutions providing the acquiring services. The Governor issues and submits opinions to the PFSA concerning the granting of authorisation to provide acquiring services.
The acquiring services shall be understood as a payment services involving the facilitation of the execution of payment transactions, initiated by the merchant or through it, using the payer’s payment instrument, and in particular:
- processing the payer’s consent,
- sending the payer’s or merchant’s payment orders to the payment card issuer or payment systems, with the aim of transferring the due funds to the merchant.
The acquiring services does not include activities entailing the clearing and settlement of the transaction within the scope of the payment system in the understanding of the Act of 24 August 2001 on Settlement Finality in Payment and Securities Settlement Systems and the Rules of Oversight of these Systems.
Granting an authorisation by the PFSA for the conduct of a business activity as a national payment institution requires the opinion issued by the Governor of NBP.
The list of national payment institutions which provide the acquiring service can be found on the website of the PFSA: https://erup.knf.gov.pl/View/faces/subjectsList.xhtml
Primary regulations:
The Payment Services Act – in Polish
Supplementary guidelines:
Harmonised oversight approach and oversight standards for payment instruments
Final guidelines on the security of internet Payments
1 Reports developed by the Committee on Payment and Settlement Systems of the Bank for International Settlements and the Technical Committee of the International Organization of Securities Commissions.
2 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2012, p. 1).
3 Central counterparty.
4 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).