We were very mindful that we have to get the system right from the very beginning in order to safeguard the confidence in this new real time system. We just had to do it right the first time.
BIS Review 118/2007  1  Financial intermediation The payments system is the backbone of a country’s monetary and financial system and it plays a critical role in a country’s economic development. It is through the payments system that money goes around. It allows money to be transferred between savers and lenders, buyers and sellers or from one point to another.