standards. we need to work together to make payments faster, cheaper, more accessible, and more transparent. some of this work needs to continue to be international for example, agreeing approaches to harmonising rules and standards. but it needs to be complemented by action from the public and private sectors in individual jurisdictions to determine where progress is needed and how to best implement it through a range of projects and changes, in time to meet the 2027 targets. 1 / 2 bis - central bankers'speeches i encourage central banks, payment system operators, providers, participants, and users from all countries – including all those at the conference today and extending well beyond the g20 – to work together to enhance cross - border payments. we can continue learning from each other and refining our approaches via international forums led by the fsb and committee on payments and market infrastructures ( cpmi ) – such as the annual payment summit with senior industry representatives, the new industry taskforces 4, 5 working jointly with the imf and world bank on identifying appropriate technical assistance, and the new central banks'community of practice6. at the bank of england, we are already making tangible progress towards enhancing cross - border payments. we are currently undertaking a transformational rtgs renewal programme to deliver a range of new features and capabilities for payments. this will include several features highlighted in the priority focus areas – such as the adoption of iso20022 this summer, reducing barriers to access rtgs, and enhancing user functionality such as application programme interfaces ( apis ). as recommended in the may 2022 cpmi reportopens in a new window, we will also be working with the private sector to consider the case for an extension of rtgs operating hours, which could help to reduce delays in cross - border payments as well as settlement risks and liquidity costs. and we have already consulted industry on what more we can do, including discussions on demand for synchronised settlement which could link rtgs ledgers in different countries, in our roadmap beyond 2024. enhancing cross - border payments can deliver enormous benefits to business and consumers. we all have a role to play in making this a reality. i would like to thank abigail daniel and the cross border team for their help in preparing these remarks. 1 ft op - ed by jon cunliffe, ( 2020 ). " cross - border payment systems have been neglected for too long " opens in a new window 2 swift gpi 3 the world bank group

##nb. nl, which is open around the clock. how the regulator contributes to sustainability having explained the importance of durability for the dutch pension system, i would now like to take a closer look at the role of the regulator. by exercising supervision, the nederlandsche bank contributes to durable old age pensions and a strong pension industry. supervision contributes to three principles which are related to the themes mentioned earlier, i. e. discipline, transparency and a sound pension industry. these principles are : ( 1 ) identifying risks, ( 2 ) preventing rising deficits, but should these occur, ( 3 ) applying a customised approach to the resolution of the problems, effected as soon as possible. these principles form the foundations of the financial assessment framework. the framework does not prescribe the substance of pension arrangements ; that is the province of the social partners. furthermore, as regulator, the nederlandsche bank is not responsible for the quality of pension arrangements. incidentally, this does not mean that the bank does not have an opinion on what constitutes quality. in my capacity as economic advisor, i have pointed out on several occasions that pension arrangements should include a serious indexation ambition. nominal guarantees are nice, but protection of purchasing power is nicer still. a serious indexation ambition must therefore be at least in line with the ecb ’ s objective of price stability, i. e. around, but not more than 2 % inflation annually. the financial assessment framework contains standards for overseeing compliance with the pension contract. basically, financial supervision addresses the question whether a pension fund ’ s assets are proportionate to its liabilities and prevailing risks. in other words, it seeks to prevent under - funding. this is the foundation of the funding system ; in combination with adequate buffers, cost - effective contributions and sufficiently inflation - proof pensions, it makes for a durable pension system. but even in a sound, durable pension system, under - funding can never be ruled out altogether or only at a very high cost. should an unhoped - for financial disaster take place, a customised plan, which takes into account the fund ’ s efforts to prevent under - funding, and ensures that the interests of the participants are best served will take effect. such a customised plan is set in motion only if the pension fund ’ s management has deployed its instruments to the full, and the employer or the industry involved, have done their utmost. it is important that the problems be solved as fast as is