The National Bank of Belgium (NBB) released today its 2026 report on financial market infrastructures and payment service providers, highlighting that these entities are an essential component of the financial system and that their resilience is critical to financial stability.
The report focuses on operational resilience in an environment marked by increasing cyber threats, evolving fraud patterns, greater dependence on third-party technology providers and heightened geopolitical and physical security risks. It also points to the increasing importance of robust governance, effective crisis communication and regular testing of contingency arrangements to ensure the continuity of critical services under severe yet plausible stress scenarios.
Sector-wide crisis simulations are an effective means of testing the resilience of the financial sector and its ability to respond to a complex scenario and help strengthen coordination and communication among the actors involved. A recent exercise signalled that resilience depends not only on technology but also on people, governance and well-tested procedures. In addition, operational resilience can no longer be viewed exclusively through a digital lens. Growing attention is being paid to physical security due to insider threats and risks, critical site protection and the resilience of data centres and other essential facilities. At the same time, payment fraud continues to evolve rapidly, requiring stronger preventative measures and enhanced real-time monitoring.
Another key development this year was the entry into force of Belgian legislation strengthening the oversight of financial messaging service providers such as Swift. The new law gives the NBB stronger oversight powers which will be applied in cooperation with other G10 central banks.
- Key message of the report: The resilience of FMIs, payment service providers and messaging services is essential for financial stability, particularly in the context of an evolving threat landscape.
- Point for attention: The digitalisation of payments, the rise of remote means of payment and the use of increasingly sophisticated social engineering techniques have led to a sharp increase in fraud, particularly in relation to online credit transfers and card payments.
- Supervisory focus: It is necessary to identify emerging vulnerabilities early on, maintain effective internal controls, and ensure that essential services remain secure, reliable and functional even during periods of heightened stress.
Financial Market Infrastructures and Payment Services Report 2026