Operating hours are often cited as a key friction. We are developing near 24/7 technological capability which will have the flexibility to be upgraded to full 24/7 operating hours in line with industry demand. This will help to tackle the mismatch of operating hours and increase the overlap of operating schedules to make payments quicker and cheaper, an ambition outlined in building block 12. Of course, to fully realise the benefits of extended operating hours other jurisdictions will need to play their respective part, but the Bank can and will lead by example. 8  https://www.bankofengland.co.uk/-/media/boe/files/payments/a-blueprint-for-a-new-rtgs-service-for-the-uk.pdf 6  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  6  The Bank has also committed to adopting, in 2022, the harmonised ISO20022 messaging format in recognition of the benefits of greater interoperability. As set out in building block 14, adopting common message formats can play an important role in the interlinking of payment systems and addressing data quality and quantity restrictions in cross-border payments. It can also enhance automated straight through processing functionalities, supporting quicker and more efficient payments. As part of this work, we are also looking to introduce Legal Entity Identifiers (LEIs) for payments between financial institutions. 9  The renewed service will also provide a new API layer that can support automated data transfer between systems. This in turn facilitates greater integration and interoperability between payment systems and potentially reduces long transaction chains associated with the correspondent banking model.

This is where the introduction of APIs and the greater harmonisation of data through the important move to ISO 20022 can really make a difference. These building blocks have the potential to improve compliance processes and address data handling issues within legacy technology platforms, and maximise the positive impact of the technical, operational and regulatory process changes advanced under the other focus areas. Focus Area E is different: it is more exploratory and long term in nature. It includes assessing the potential for innovative new propositions such as central bank issued digital currencies (CBDCs), privately issued stablecoins and areas that are even less developed such as multilateral payment platforms. These innovations are still in their infancy on a domestic, let alone global, level. But if in time they are introduced, it is really important to consider the possible cross-border benefits they could bring. Importantly, real progress can only be made in these building blocks if work on the earlier building blocks has delivered. Issues around operating hours, AML checks and messaging harmonisation to name but a few will be relevant for these more far reaching innovations. The Roadmap  A broad set of building blocks needs a broad set of players to deliver them. And that is why the Stage 3 roadmap is so important. The FSB, working with the CPMI and other relevant international organisations and standard-setting bodies, today published an ambitious but achievable roadmap to deliver these building blocks including initial actions and milestones 7.