However, the system now involves increased interdependence amongst all the participants, and more stringent timing requirements, particularly since the entry into CLS. Moreover, the increased dependence on technology that we have seen develop implies that technological risks have increased commensurately, and probably now pose the greatest potential systemic threat to the payment system.
It is clearly in all of our interests that we fully understand these issues and risks, and ensure that we all have the capacity to manage them properly, so that the payment system meets the needs of the financial system and the wider economy well, and is fully resilient to stresses and strains.