Many factors have contributed to this acceleration, including the process of global financial integration, the increasing leverage in institutions, the technological advancements that allow for an instantaneous transmission of information world-wide and the accumulation over a long period of time of unsustainable global imbalances.
I am pleased to confirm that Project Khokha was successful in that it proved that the typical daily volume of the South African payments system could be processed in less than two hours with full confidentiality of transactions and settlement finality.