Today, I intend to cast more light on these issues by addressing two aspects that are required for innovative financial services to come to fruition: 1. the underlying market infrastructure for financial services; and 2. the founding legal frameworks necessary for developments to flourish in the payment landscape. My speech will focus on instant payments and payment initiation services.
Along with other central banks, the Bundesbank has been opening its large-value payment systems for remote access worldwide since the beginning of this year and offers interested banks indirect participation with their own clearing address. There has been a great response to this international stance, especially from outside the EU area.