However, because of the inherent differences between the central bank and private-sector service providers, a truly level playing field will never be entirely possible. The Reserve Banks enjoy certain advantages, such as an unsurpassed credit rating, that makes them an attractive service provider in times of financial stress.
On the other hand, the Reserve Banks do not have the flexibility enjoyed by their competitors to negotiate fees and other service terms with individual customers. Because of these differences, it is incumbent on us from time to time to reexamine our operational role in the payments system.