While it is an industry-led project, it is strongly supported by the PSB, and the Board continues to encourage commitment to the project and to its timely completion. The project was launched in early 2013 and is now well advanced. On current scheduling the NPP will deliver a fast payments service with rich information and addressing capabilities in the second half of 2017.
It is important to note that the BIS had been doing this for European Central Banks since the middle of the 20th century and that even now the European Central Bank does the same by way of swap facilities for North American and European banks.