But, competition notwithstanding, at the highest industry level it is important that the views of all stakeholders are taken into account when decisions are made about the future architecture of the payment system. The establishment of Payments NZ improved governance of the payment system and paved the way for a more open and competitive payments industry.
In a world economy characterized by stiff competition, every enterprise needs to be good in treasury management. In the last few years I have stressed a lot on good corporate governance as the basis for best business practices and highlighted the urgency for restructuring and consolidation of individual firm so as to enhance micro-economic efficiency.