Slightly over half of payments teams outsource services to third parties
Contracting central banks provide information on attendant risks and precautionary measures
Payment system work is contracted to third parties in a small majority of central banks, the Payments Benchmarks 2024 find.
Outsourcing is a practice in 17 (51.5%) of the 33 participating institutions. The outcome this year is somewhat lower than the 64% reported in the 2023 benchmark. Outsourcing is most common in Africa, taking place at 88.9% of nine African respondents.
Respondents are wary of third-party risk. Comments noted the possibility of reputational and operational risks, risks around
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