for financial market infrastructures ” ( cpss - iosco, april 2012 ). these standards would be adjusted so that they reflect the different nature and magnitude of the risks posed by prominent payments systems. bis central bankers ’ speeches achieving the dual vision : private - public collaboration now that i have sketched out the dual vision for the payments system in canada and for its oversight, the next question is : how do we achieve it? a simple one - word answer would be : together! in this context, “ together ” can have two meanings, but to be successful in moving toward this dual vision, both are important. consumers, the payments industry and regulatory agencies all have an important stake in a well - functioning state - of - the - art payments system. all should be consulted. finding the right solutions and the right balance will require collaboration from all those who have a role in reaching our vision. i trust you agree that forums such as this conference, finpay, 16 and the cpa ’ s stakeholder advisory council should be leveraged for this purpose. in addition, public sector proposals for changing the regulatory and oversight landscape will go through a public consultation process that will allow constructive input from all stakeholders. conferring together is important. so, too, is acting together. if the payments industry can adopt the same standards at approximately the same time, we can maximize the benefits accruing from the positive network effects associated with widely used standardized transactions. achieving this will require three additional “ c ” words beyond consultation : namely, coordination, collaboration and co - operation. clearly, the cpa and the public agencies are well placed to help coordinate and encourage collaboration and co - operation by industry. the cpa and its members can take the lead by embracing new technology to upgrade core clearing and settlement services to enhance efficiency and safety. the cpa has taken bold – and welcome – steps in this direction by promoting the adoption of the iso 20022 standards and launching the next generation clearing and settlement system project. using a common standard forms the foundation for any well - designed payment system. standards such as iso 20022 facilitate straight - through processing, enhanced business - tobusiness payments, interoperability, and faster funds transfers for end - users, both domestically and across borders. 17 adopting a common standard will also reduce the barriers that prevent new players from using core systems for clearing and settlement. to be truly successful and to benefit all canadians, co - operation on the implementation of standards is essential

vision for the oversight of the payments system – one that helps to ensure its safety and soundness, its efficiency and its security. and third, a coordinated approach for achieving this dual vision – one that calls on the payments industry and regulatory agencies to work together to attain this collective goal. bis central bankers ’ speeches a vision for the payments system in considering a vision for the payments system, let ’ s take a holistic perspective. 1 the oftenused distinction between retail payment systems, which involve many end - users and smaller transactions, and wholesale or interbank payment systems, may not be appropriate when considering a vision for the future. instead, a more comprehensive view reflects a future in which technological change will allow retail and wholesale systems to offer similar services and thereby compete more directly for a share of the same payments pie. my vision for the payments system draws from work that has already been done in canada and in other jurisdictions to map out a desirable path for the future evolution of payments. we are not alone in wanting to move toward an innovative, safe and secure payments system that evolves to meet the needs of consumers and businesses. this vision maintains the best characteristics of our legacy system, while allowing for the advantages that innovations promise. such a payments system has six essential attributes : 2 ( i ) high speed – end - to - end processing in near real time ; ( ii ) low cost – efficient and convenient ; ( iii ) open access and ubiquitous usage ; ( iv ) improved cross - border functionality ; ( v ) safe, sound and reliable ; and ( vi ) secure – to protect the private information of users. i will consider the first four attributes now and leave the last two for the discussion of the vision for oversight. 3 comparing canada ’ s existing payments system to this vision, it is clear there are many gaps. 4 in particular, in this era of instant communication, canadians expect to be able to send and receive payments faster, at any time, and at low cost, without having to know the recipients ’ banking information. some progress has been made, however. the wider use of digital payments technology has increased speed, lowered costs and broadened access to the payments market. for example, between 2008 and 2011, the number of credit and debit card payments rose by 23 per cent and 17 per cent respectively. 5 an example of an all - encompassing definition of a payments system is : a set of “ arrangements that allow consumers, businesses and other organizations to transfer value from one party to