This is set to change with the implementation of JomPAY, which is a common and open platform that allows customers of any bank to make online bill payments to any merchant registered with JomPAY. In other words, a merchant will be able to receive payments from customers across all participating banks. This would not only reduce duplication of investment costs by the banks, but also bring about greater convenience, cost savings and efficiency gains to both consumers and merchants. JomPAY is targeted to be rolled-out in phases starting from next month. (In the next presentation, the Director of Payment Systems Policy Department will provide you with further details of the supporting e-payment infrastructure and the strategies undertaken by Bank Negara Malaysia to accelerate the country’s migration to e-payments.) d.  Safeguarding the security of transactions  Ladies and gentlemen, let me now move on to the issue of security and consumer confidence in the use of online banking and e-payments. Considerable efforts have also been taken by the industry to improve user confidence in the use of payment cards. As I mentioned earlier, the banking industry had migrated our payment cards to the more secure chip-based cards in 2005. The investment cost of RM200 million was subsequently recovered through the projected fraud savings in just two and a half years.
Chart 17 Impact of TLTRO III on bank lending volumes to enterprises  https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200519~e5203d3520.en.html  12/14  5/19/2020  Pandemic central banking: the monetary stance, market stabilisation and liquidity  (net percentage of banks, over the past and next six months)  Source: ECB bank lending survey (BLS). Note: Net percentages are defined as the difference between the sum of the percentages for “contributed considerably to an increase” and “contributed somewhat to an increase” and the sum of the percentages for “contributed somewhat to a decrease” and “contributed considerably to a decrease”. Conclusions We continue to monitor market developments closely. In the context of the current extraordinary and severe macro-financial environment, we must ensure our monetary stance provides sufficient accommodation and guards against the escalation of tail risks associated with procyclical financial amplification mechanisms. We continuously examine each of our measures (individually and as a package) to assess whether these are still adequately calibrated and appropriately sized to provide the necessary degree of accommodation in this uncertain economic environment. Accordingly, we are fully prepared to further adjust our instruments if warranted. This includes increasing the size of the PEPP and adjusting its composition, by as much as necessary and for as long as needed. Reproduction is permitted provided that the source is acknowledged.   [1] I am grateful to Danielle Kedan and Julian Schumacher for their contributions to these remarks. [2] See my blog post entitled “The monetary policy response to the pandemic emergency”, 1 May 2020.