Mr. Chairman, the increased attention being paid to modern payment systems was triggered by the a massive increase in the number and value of settlement transaction, as well as the technological advances that caused much faster movement of funds.
There is also widespread consensus of the pivotal role that payment systems play in any market economy, that is: •  as a vital element in the financial infrastructure of the economy;  •  as a necessary channel for effective economic management, particularly through monetary policy;  •  as a means of promoting economic efficiency.