What were the main messages for policymakers from your recent survey1 of payment systems?

There are three. First, through the efforts of central bankers and others, we can say that large-value payments are much more secure than they used to be. Over the last two decades we have seen real-time gross settlement (rtgs) systems launched that are, at least to a certain extent, compliant with the Core Principles. So the first message is that there has been an important reduction in systemic risk and