Wider industry context: But the industry is in a much stronger starting position to weather the storm. The banking industry’s market value has already Banks are well capitalized, with far higher loss absorption capacity. taken as big a hit as it did Central banks are intervening proactively to 1 support credit markets to prevent a repeat of in the 2008/09 crisis the liquidity domino effect of 2008. Payment systems are functioning well and are considered part of the essential services not subject to shutdown. 3 10 Ways COVID-19 is impacting payments