aligned. if multiple third - party platforms with wholesale cbdc were to exist, this approach could be replicated. de - tokenising wholesale cbdc on one platform and tokenising sight deposits on another would use the same process and would be facilitated by the swiss rtgs system. the role of the snb in this process would be to control the issuance and redemption of wholesale cbdc on the respective platforms. my focus so far has been on project helvetia iii, which explores wholesale cbdc on a third - party platform. but there are other approaches to settling tokenised asset transactions. to understand the respective risks and benefits, we are examining two alternative approaches to wholesale cbdc. in the second part of my remarks, i would like to describe them and offer a preliminary assessment. alternative settlement approaches and preliminary assessment the first alternative approach is linking the tokenised asset platform with the swiss rtgs system. i will refer to it as the rtgs link. the second approach uses private token money which is issued on the tokenised asset platform and which is bankruptcyprotected and fully backed by sight deposits at the snb. i will call this approach backed private token money. 2 / 4 bis - central bankers'speeches the rtgs link employs a synchronised approach to settlement : sight deposits and tokenised assets remain on different infrastructures. to settle a tokenised asset transaction in this setting, the transfer of assets and central bank money is synchronised by messages sent back and forth between the different infrastructures. this corresponds to the current process, where central banks support links between their rtgs systems and other financial market infrastructures in order to facilitate safe settlement. an rtgs link could leverage existing functionality in the swiss rtgs system. central bank money would not leave the current sight deposit accounts, thus preventing fragmentation of central bank money. it would also avoid the governance questions arising from issuing central bank money on a third - party platform. however, an rtgs link would replicate the current process, which builds on synchronisation. this might limit the ability to improve the status quo. backed private token money in turn enables an integrated approach to settlement whereby money and assets would be held on the same platform. it would be accessible to banks that already have access to central bank money and would have risk characteristics similar to those of central bank money. if the token issuer defaults, holders of such private token money have recourse to the central bank money

should the need for it arise. the swiss financial centre can face the ongoing digital transformation with unflinching resolve. the snb will make the necessary contributions to the further development of the payment infrastructure in switzerland. together we will overcome the challenges and ensure that we continue to have secure, efficient, fast and interoperable payments in the future. thank you for your attention. page 11 / 11 swiss payments vision – an ecosystem for future - proof payments andrea m. maechler, member of the governing board thomas moser, alternate member of the governing board money market event, zurich 30 march 2023 confidence in money and three proven principles for secure and efficient payments principle 1 : close interrelationship between private money and central bank money snb regulated institutions 30. 3. 2023 end users swiss payments vision – an ecosystem for future - proof payments | money market event | andrea m. maechler / thomas moser | © swiss national bank confidence in money and three proven principles for secure and efficient payments principle 1 : close interrelationship between private money and central bank money principle 2 : settlement of payments in central bank money snb regulated institutions 30. 3. 2023 end users swiss payments vision – an ecosystem for future - proof payments | money market event | andrea m. maechler / thomas moser | © swiss national bank confidence in money and three proven principles for secure and efficient payments principle 1 : close interrelationship between private money and central bank money principle 2 : settlement of payments in central bank money principle 3 : seamless integration of payment systems, payment solutions and forms of money snb regulated institutions 30. 3. 2023 end users swiss payments vision – an ecosystem for future - proof payments | money market event | andrea m. maechler / thomas moser | © swiss national bank speed and interoperability as areas of development for future - proof payments : swiss payments vision high speed immediate value transfer with settlement in central bank money interoperability seamless between technologies ( e. g. dlt ) and across borders rtgs 24 / 7 payments dlt 30. 3. 2023 swiss payments vision – an ecosystem for future - proof payments | money market event | andrea m. maechler / thomas moser | © swiss national bank instant payments offer many benefits for the economy in real time, final and around the clock like cash, but in electronic form lower costs and risks through shorter settlement chains seamless connection with new services as part