2  BIS central bankers’ speeches  For 2015, the RENTAS daily average transactions totalled about 17,900 with a value of RM217.8 billion. This amounted to 4.4 million transactions valued at RM53.6 trillion throughout 2015. As part of the ongoing transformation of RENTAS, there is currently an exercise to transform RENTAS into a multi-currency system that adopts the SWIFT messaging standard. The adoption of SWIFT as an alternative access channel, which caters for multiple messaging standards including the ISO 20022, will facilitate the integration of RENTAS with other regional large value payment systems to facilitate seamless, safe and efficient cross-border financial transactions. The interconnectivity with other economies within the region will further enhance the integration of our trade and financial transactions. Development and modernization of the payment system in any country will not be possible without the banking system. Therefore, banks should lead the way in facilitating straight through processing (STP) to enhance operational efficiency by promoting standardisation and interoperability. This can be achieved through the adoption of common standards such as the ISO 20022, for corporate and cross-border payments. In this regard, banks should leverage on the momentum created by the ongoing transformation of RENTAS to reach out to their customers by offering holistic, end-to-end, STP solutions. This would contribute towards enhanced safety and efficiency and facilitate economic growth through greater connection with global supply chains, as well as, enhance greater integration with regional markets. Importance of keeping pace with innovation Let me now turn to the importance of keeping pace with innovation.

Muhammad bin Ibrahim: Fostering safe, efficient and reliable payment systems Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the SWIFT Business Forum Malaysia, Kuala Lumpur, 1 March 2016. *  *  *  As we transition into a high income and high value added economy, a resilient and efficient financial market infrastructure is an important enabler for economic growth and financial stability. Payment and Settlement Systems play a critical role in the smooth functioning of the economy. A fact sometimes underestimated. In a larger perspective, it can also be leveraged upon as a strategic tool to facilitate regional market integration, strengthen the country’s competitiveness, and enhance the country’s position as an international Islamic financial centre. Today’s Business Forum organized by SWIFT offers a valuable platform for the financial community to exchange ideas and identify opportunities for collaboration to enhance the financial market infrastructure as an indispensable part of a vibrant financial ecosystem in Malaysia. In my remarks today, I would like to discuss the importance of open and competitive Payment and Settlement Systems as a backbone for economic growth. I will also highlight the opportunities arising from greater standardization and interoperability and how banks can lead the way in facilitating greater straight through processing (STP) for greater efficiency and competitiveness. Lastly, I will outline the importance of keeping pace with innovation, with a focus on real-time payments.