The role of the National Bank of Moldova (NBM) in the payment system is established by the Law on the NBM no.548-XIII of 21.07.95 [1] and the Law on payment services and electronic money no.114 of 18.05.2012. [2]
According to the Law on the National Bank of Moldova, the NBM oversees the payment system and facilitates the effective functioning of the interbank payment system.
In order to fulfill this duty, the NBM oversees the national payment system in accordance with the Policy of payment system oversight in the Republic of Moldov [3]a (approved by the Decision of the Council of Administration of the NBM no.143 of 30.06.2011) and the applicable normative acts and administrates the automated interbank payment system.
In order to implement innovative payment instruments, to increase the competition in the payment services market and to reduce the payment services costs, to increase consumer confidence in cashless payment instruments and to reduce cash in circulation, as well as to compliance with the EU Directive 2007/64/EC on payment services in the internal market and the EU Directive2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions, the Law on payment services and electronic money no.114 of 18.05.2012 has been adopted in 2012, according to which the NBM shall license, regulate and oversee the activity of payment services providers and electronic money issuers, including non-bank providers and issuers.