A structure should meet the following criteria in order to be a payment system/securities settlement system:
• Containing at least 3 participants,
• Providing an infrastructure through which funds/securities circulate in an electronic environment,
• Having common rules.
Smooth functioning of payment system is critically important for the stability of the financial system, the monetary policy implementations of central banks, and economic growth. Therefore, the contagion risk of any problem stemming from these systems to the various parts of the financial system increases the importance of payment systems.
Due to the critical role of payment systems in maintaining financial stability, the operation of payment systems, the oversight and regulation based on internationally recognized standards are among the fundamental duties of all central banks.