Payment companies have received a warning from the Bank of England regarding the necessity to enhance their readiness for upcoming 'operational resilience' standards set to be implemented next year.

These new standards aim to ensure that financial market infrastructure (FMI) firms minimize disruptions to payment systems during events such as cyber attacks or severe weather conditions.

Leading up to the March 2025 deadline, the Bank of England anticipates FMIs to intensify their efforts in aligning their tolerance for negative impacts on crucial business services. Sasha Mills, the Bank's executive director for financial market infrastructure, emphasized this in a speech, highlighting the importance for firms to map out the essential elements required to deliver these services, including personnel, processes, technology, facilities, and information.

Firms are urged to commence testing their capability to manage issues, with the Bank expecting increased collaboration among FMIs, their participants, and the broader market in determining impact tolerances.

Mills further emphasized the need for FMIs to refine their approach and methodology for testing disruptions to vital business services, indicating that significant work is still required in this area.