A central bank task, principally intended to promote the smooth functioning of payment systems and to protect the financial system from possible "domino effects" which may occur when one or more participants in the payment system incur credit or liquidity problems. Payment systems oversight aims at a given system (e.g. a funds transfer system) rather than individual participants.
OVERSIGHT OF PAYMENT SYSTEMS
Meaning of OVERSIGHT OF PAYMENT SYSTEMS in English
European Central Bank English Glossary. Английский глоссарий Европейского Центрального Банка. 2012