c.  Highlights of development in delivery channels and payment system infrastructure  As banks serve various segments of the economy, it is important to widen the accessibility of e-payment services through various channels to cater to the needs of different consumer groups. The industry should continuously identify and address any gaps in the current e-payment infrastructure and services by improving their product offerings. For instance, building on the wider penetration of online banking services which now have a total of 17 million subscribers (of whom 7.5 million are active users), banks have also provided alternatives to consumers to conduct electronic funds transfers using either the Interbank GIRO (IBG) or the Instant Interbank Fund Transfer (IBFT) via 9,410 ATMs and 2,475 selfservice Internet kiosks nationwide. While the fees imposed for IBG and IBFT are differentiated, consumers are given choices that suit their preference. To promote infrastructure sharing and reduce cost and enhance online bill payment facilities in Malaysia, there is currently an ongoing industry initiative led by the Malaysian Electronic Clearing Corporation Sdn. Bhd. (or MyClear in short) to develop a national bill payment scheme known as JomPAY. JomPAY leverages on shared infrastructure to significantly expand the scope and utility of bill payment facilities. At present, customers can only use the online channel of a bank to make bill payments to merchants who maintain banking relationships with the same bank.
It is a part of the Bank’s public mission that is afforded little attention in everyday life. And that is how it should be. When interbank settlement is not something people talk about, we know it is working as it should. The uptime requirement cannot be lower than 100 percent. Technological advances have not stopped at online banking, card terminals and the forms of contactless payment we are familiar with today. New means of payment are being created and new financial motorways are evolving. But stability and confidence will also be essential elements of future payment systems – not only for the individual user, but also to prevent a collapse of the financial infrastructure. A central hub is still needed to guarantee that the payment system is subject to the necessary control. That hub is the central bank. Throughout the Bank’s two hundred years of history, one of its most important tasks has been to ensure stability in the value of money. The Bank has performed this task with varying success. The pendulum swings back and forth. In some periods, price stability has admittedly been below par. In other periods, the Bank has been criticised for being too “oneeyed”. And Norges Bank’s room for manoeuvre in terms of keeping inflation in check has also, at times, been limited. Today, this responsibility has been clearly and unequivocally delegated to Norges Bank.