It will be linked to a fast settlement service provided by the Reserve Bank, which will allow transactions to be cleared and settled 24/7 in close to real time. All of this will amount to a world-class payments infrastructure. It will also be a platform for further innovation.
Again, it is very much a global effort reflecting the global nature of the foreign exchange market. This work is also very much a public sector–private sector partnership. In that regard, we are being ably and vigorously supported in this work by a group of market participants, chaired by David Puth, CEO of CLS.