The second challenge thrown up by digitalisation is the unbundling of the value chain. In the past, the value chain – from payment initiation, through authorisation and clearing to complaints processing – was largely concentrated in the hands of a single entity. Thanks to technical innovations, however, payment service providers are now unbundling and reconfiguring the value chain. For instance, they are taking the products of specialised providers – e.g. relating to FX transactions, payment guarantees or ‘mobile wallets’ – and combining them. Established providers of payment services are having to adapt to this unbundling. They are having to cooperate with new players, invest in their value chains and simultaneously satisfy demand for ever faster and easier payment methods. The central banks, too, face a challenge: they need to develop the core payment infrastructure in such a way that the unbundling of the value chain can be successfully navigated – without new risks being created. As a result, we are seeing many central banks adapting their RTGS systems. For example, retail payments are increasingly being settled via RTGS systems (something which for a long time was unique to Switzerland), longer operating times are being introduced and settlement times are being shortened. These are major international trends, and we in Switzerland will have to think about how we wish to position ourselves. There is also the question of how to integrate the new players – the fintechs – into the payments infrastructure.
Which digital challenges can the interested parties manage on their own? And where might shared solutions be beneficial for all concerned? Ultimately, we have a common goal: to maintain confidence in our currency. Against this backdrop, an efficient and secure payment system will be as critical as ever in the years ahead. Conclusion Ladies and gentlemen, the SNB has a mandate to facilitate and secure the operation of cashless payment systems. It fulfils this task by acting as commissioning party for the SIC system, and guiding the latter’s ongoing development in conjunction with the banks. In so doing, it creates the conditions at the infrastructure level for efficient, secure and future-proof Swiss franc payments. The SNB acts in the interests of all stakeholders in cashless payment systems in Swiss francs. To this end, we are engaged in active dialogue with both banks and non-banks. This evening, we have given you the perspective of the central bank, however it is important to hear other perspectives, too. So I am particularly looking forward to our panel discussion. The noted economist and author Jürg Müller will act as moderator. After the discussion, our panellists, Thomas Moser and I will be happy to take questions from the audience. I hope we can all continue these conversations during the drinks reception.