New regulations to secure payments in crisis and war
The Riksbank has proposed new preparedness regulations for companies critical to payment execution. The aim is to ensure the public can make payments even in times of crisis and war.
Wartime organization for payment operations
The Riksbank's proposal mandates that companies crucial for payment operations establish a dedicated wartime organization.
This structure must be fully staffed with trained personnel, capable of maintaining essential payment services during periods of heightened alert, crisis, or war.
Regular exercises are required to ensure operational readiness and efficiency under extreme conditions.
These stringent requirements are directly derived from the broader national total defence strategy, emphasizing the integration of civilian functions into overall national security preparedness.
The aim is to guarantee the continuity of critical financial infrastructure, ensuring that citizens and businesses can conduct transactions even when facing severe disruptions.
Expanding scope and concrete requirements
The new regulations significantly broaden the scope of companies deemed critical for payment execution, bringing more entities under the Riksbank's oversight.
This expansion reflects an updated assessment of the interconnectedness of the payment ecosystem and the need for comprehensive resilience.
The proposal also refines existing requirements, making companies' planning and preparation for crisis situations more concrete and actionable.
To support these efforts, the Riksbank will issue general guidelines.
These guidelines are designed to assist companies in establishing their wartime organizations and effectively integrating the principles of total defence into their operational frameworks.
Proactive step for national resilience
The Riksbank's proposal is a vital move to secure Sweden's payment systems against future crises and wartime scenarios.
While demanding, these new regulations are crucial for maintaining public confidence and economic stability when it matters most.
This proactive integration into total defence strategy sets a robust precedent for national financial resilience.