By the way, they now differ quite a bit across jurisdictions which is an indication that the search for the optimal set-up has not yet come to an end. Contributing to the smooth functioning of our payments systems is the third pillar on which future central banking will rest.
While often having been a less visible task, it is nonetheless crucial for fostering trust in money. This dimension nowadays gets a lot of more attention than in the past, in view of technological advances and progressing digitalisation. New financial players – socalled Fintechs – often focus their activities on payments services.