The RTGS is expected to significantly reduce settlement risks and improve the quality of financial intermediation. In addition, Electronic Funds Transfers (EFT) is already in place in 15 centres and the Special EFT scheme is also operational in 127 centres, together covering about 8,500 bank branches. 4  BIS Review 20/2004
Second, is partnerships and collaborations. As we move forward, agility will be imperative particularly for incumbent institutions as they respond to changing customer preferences for anytime anywhere services. Even before the pandemic, incumbent banks and telecommunication companies had started to develop partnerships with agile fintech companies. This trend will have to be accelerated in a safe and sustainable manner as we build back.