Business small and large use payment services to facilitate customer payments and company payouts. The FFMA ensures that all payment systems under its regulation, maintain proper infrastructure to support and facilitate all payments as needed. Furthermore, it is important that all systems keep up to date with all the latest technological advances to ensure that systems maintain compatibility with all needed technical infrastructure. Lastly we intend to insure that the market stays strong and competitive, allowing both companies and clients to reap as much as possible.
Over the years, the workings of interbank payment systems have sparked fears due to lack of transparency and indirect access among other issues. It is therefore incumbent to find a way to correct current issues and mitigate the possibility of future ones. We are in touch with service operators and providers, including building societies and banks and a wide host of businesses that depend on this technical infrastructure. We forge collaboration between consumer groups and various industry bodies to collect, disseminate and act upon information and insights for the betterment of the market. We will do everything to support and advance this most important industry, because it facilities the financial interactions that allow businesses to function and thrive.
The FFMA reserves the right to set regulatory standards that direct and impose requirements in regard to system rules. Operators are directed to provide direct access to payment systems and the FFMA reserves the right to amend agreements, fees and charges when the need arises and take necessary disciplinary action against companies that refuse to comply. Furthermore, our regulatory demands bi-yearly reports from each and every member to ensure compliance and investigations shall be launched against any organization the purposely omits any portion of the report. Although we are accountable to Parliament, we are considered independent and possess our own board and directors.
When complaints arise against a company for failing to comply with or breaching guidelines set by the FFMA, complaints should be made to our offices so that we can follow up and gather evidence. The investigation process can include a number of factors, including interviews, investigators to review company documents and databases to reveal wrongdoings. Should the accused party be found guilty of an offense, the FFMA will take appropriate action, which could include sanctions and public black warning to consumers to avoid the company in question.