those risks are acceptable only if both the consumer and the bank agree to the role of the third party. one good way of arranging this is for both parties to have to agree to grant access. in other words, dual consent. our european colleagues are worried that, in practice, banks will not grant access to those third parties, and that this will hold back innovation. that is why there is currently insufficient support for the principle of “ dual consent ”. the dutch market, however, is in favour of it, and so that is the challenge i am issuing to any payment service providers and banks here today. show that it can be done. there is nothing to stop us from operating a “ dual consent ” approach in the netherlands. and i for one would welcome it. “ dual control ” is also secure, and i am sure no - one will blame me for saying that security is my top priority. and i think that you and the rest of society will probably all agree. innovation is good, and even very good. but if your bank balance suddenly and innovatively disappears, you would wish that security had been the number one priority. people have to be able to trust that their payments will arrive in the right place and at the right time. the routes that monetary flows take need to be predictable and known. ladies and gentlemen, it is now time for some rhetoric. if you have read quintillianus, you will know that this is when i should return to my metaphor. in other words, to the metaphor that i threw overboard at the start of my speech. the metaphor of sepa as a wonderful new waterway, with neatly finished retaining walls and an efficient system of locks. but i am not going to do that today. instead i am going to tell you that there is a conference on water management being held tomorrow in rotterdam and that you might find it interesting. thank you for listening. bis central bankers ’ speeches

not understand me wrongly. i am certainly not suggesting using conversion services as an alternative to switching over to sepa. all i am saying is that you should consider whether you need to use these services to meet the deadline. and make sure you do this in time because conversion services also involve more than just pressing a button and suddenly, all at once, you are sepa - compliant. you also need some preparation time, particularly for collections. i hope, therefore, that conversion services will be included in banks ’ discussions with clients who are at risk of missing the deadline. whether they see these services as a temporary bridging facility, as an emergency sticking plaster or as a solution. that is entirely up to them. there is just one final comment i would like to make on conversion services. what exactly are they? if i enter a payment into my payments engine in the old - style format, is that a conversion service? the answer to that question is “ no ”. a conversion service is a separate service that is independent of the bank ’ s payments engine. it is a service you can arrange for separately, either at a bank or from another provider. you might expect to have to pay a fee for the service. indeed, it was previously said that conversion services would have to be provided by separate legal entities. but there is no need for you to worry. that is not necessary, and this is something i am saying in my capacity as “ overseer ” of sepa. and this then brings me to my second topic today : governance of the payment system. i am going to dwell for just a while longer on the subject of sepa as the ministry of finance has given dnb two hats to wear in this respect : that of overseer and that of catalyst. as far as dnb as overseer is concerned, this is when i put my strict hat on as it is the overseer ’ s task to make sure the banking sector complies with the law. that means staying on top of things, and we will be tightening the reins even more over the coming months. that will sometimes mean difficult discussions with some parties. and sanctions will follow if things are not satisfactory. even, however, if we do decide to apply sanctions, we cannot do that before 1 february next year. that may sound a bit strange because, by then, it will in any event be too late. that is why we will also be looking at how parties are operating now when we