Industry uses payment systems to provide payment services to customers, to innovate and develop new products for users. And industry can help central banks in undertaking the assessments of access and operating hours by collaborating, sharing insights and feeding into consultations and dialogue. To meet the FSB targets there is also a practical role for the industry to respond to the building block actions and reports, with some requiring direct action. This might include: (i) investing in new technologies, (ii) preparing for changing operational procedures and (iii) adapting business models. The role of public authorities And there is a crucial role for the wider public authorities. Central banks changing systems and policies and industry investing in changing operational procedures are just two pieces of the puzzle. There are also important regulatory, legislative and other barriers that overcome on a  Page 8  national and international level. For example, finance ministries will need to prepare legislative change to deliver the benefits of the roadmap (e.g. on AML/CFT standards, data frameworks and settlement finality protections). And international standard setting bodies will need to ensure that these standards are aligned on a global level. The financial system is global, with many of the most important issues requiring the involvement of international public authorities. The FSB, CPMI, the BIS Innovation Hubs, and a range of other standard setting bodies will have a continued important role to play to reach the quantitative targets for cost, speed, access and transparency of cross-border payments.

Shorter transaction chains: Expanding direct access to non-bank PSPs, FMIs and foreign banks will reduce the number of intermediaries involved in a cross-border transaction, thereby making payments quicker and more transparent. 2. Enhanced competition and lower cost: Expanding access can level the playing field between banks and other PSPs and foster greater competition and innovation to give customers a greater choice of services and potentially lower prices. 3. Improved financial stability due to reduced tiering risk: The risk of spillovers of a direct participant’s default due to the transactions of indirect participants decreases. Page 5  These benefits needs to be balanced against risks such as additional counterparty credit risk and operational risk that central banks needs to be aware of and safeguard against when considering expanding access. The report discusses how these can be mitigated, for example setting minimum standards of resilience and security, and how to overcome potential barriers such as national legislation. How extending RTGS operating hours across jurisdictions can help improve cross-border payments The Building block 12 report examines RTGS operating hours. Limited RTGS operating hours across jurisdictions can lead to a delay in cross-border settlement, especially between countries with significant time zone differences. The report identifies the current “global settlement window”, between 06:00 to 11:00 (UK time) when the highest number of RTGS systems across jurisdictions are concurrently open allowing cross-border transactions to settle across those jurisdictions without delays.