Central banks are trusted by market participants and they keep a watchful eye on risks to financial stability, so it’s important that we be involved in this work. To be effective, a benchmark should be robust, reliable and resilient to any market stress.
In this system, central banks, commercial banks and payment service providers each bring their own respective strengths to the table, to the benefit of all the parties involved. The central bank's role lies purely in providing an efficient, stable and secure payment infrastructure. Commercial banks and payment service providers have direct contact with customers – they are the user interface.