Financial market infrastructures – what happens when you pay?
When you pay by card for your shopping, or take cash out of the ATM, it may seem like the money is magically transferred from your bank account to the shop, or into your hand. But there’s a whole network of processes and systems that make this possible. These are known as Financial Market Infrastructures – or FMIs for short.
Like banks, we regulate FMIs to keep the financial system stable. You might have heard of some FMI companies, like Visa and Bacs. But what exactly are FMIs and why are they important?