Payments in peacetime crisis situations and heightened alert
Published: 29 October 2020
One of the Riksbank’s tasks is to promote a safe and efficient payment system. According to the proposed new Sveriges Riksbank Act, the Riksbank shall have a planning and control responsibility in relation to those private enterprises that are particularly important for the functioning of digital payments and cash handling. This proposed new responsibility refers to payments both in crisis situations and under heightened alert.
This responsibility means that the Riksbank will hold what is known as the right to adopt regulations, which is to say the right, through regulations, to place demands on these private enterprises. The private enterprises become obliged to maintain those parts of their operations that are necessary for digital payments and cash handling to function in society. The private enterprises must also participate in the Riksbank's planning for crisis situations and heightened alert, as well as in the Riksbank’s risk and vulnerability assessment. In addition to this, the private enterprises must ensure that their staff receive sufficient training and testing.
If disruptions occur in payments that are essential to the general public, the Riksbank must, should the need arise, immediately initiate a function to lead and coordinate operations among the private enterprises.