, streamlining processes for payment services providers and potentially enabling rerouting of payments between different payments systems in the event of operational disruption. other benefits arising from iso adoption will be much improved information concerning the identities of those in payment transactions. this will include the adoption of legal entity identifiers ( leis ), which when rolled out more widely have the potential to enable banks and non - bank payment service providers to deploy next - generation fraud prevention measures. the bank will ensure that this functionality is in place but it will be up to industry to deliver these enhanced services for customers. as with the overall rtgs programme the bank is committed to proactively engaging with industry to get this right. a consultation on iso 20022 closed in july 2018 and the bank, in collaboration with the npso, is reviewing the responses received. there will be an update on next steps and how the bank will structure future iso engagement towards the end of the year. we are also maintaining an active dialogue with the npso as it takes forward plans for the new payments architecture which will also deploy on iso 20022. close the rtgs programme is a significant piece of the puzzle for the future of payments in the uk. i would like encourage the industry to continue to work with us to help shape the future of rtgs a smooth transition to the new service. we need to have a close and transparent working relationship with key stakeholders across the whole payments industry over the next few years. as the bank builds and delivers its renewed rtgs system, and stakeholders make changes and improvements to their own payment processing systems, we can ensure that the full benefits of a renewed rtgs are enjoyed and delivered as safely, securely and efficiently as possible, across the whole of the payments industry. all speeches are available online at www. bankofengland. co. uk / speeches references bank of england, a blueprint for a new rtgs service for the united kingdom, https : / / www. bankofengland. co. uk / paper / 2017 / a - blueprint - for - a - new - rtgs - service - for - the - uk kpmg, value of fintech, https : / / assets. kpmg. com / content / dam / kpmg / uk / pdf / 2017 / 10 / value - of - fintech. pdf bank of england, rtgs renewal programme proof of concept : supporting dlt settlement models, https : / / www. bankofeng

enhance their domestic systems and increase interoperability. we have consulted on harmonisation requirements to ensure that the new iso20022 standards are used consistently around the globe. we have identified specific regulatory and legal barriers to seamless payment processing and proposed solutions. cpmi has recently published a set of recommendations [ 4 ] to improve adoption of risk - free pvp settlement in foreign exchange markets. central banks and the private sector have successfully tested cuttingedge technologies for cross - border payments through bis innovation hubs. and alongside the roadmap actions per se, there have been tangible changes that are already paying dividends. nearly three quarters of payment system operators surveyed by cpmi have either implemented or have concrete plans to implement the latest financial message standard ( iso 20022 ) by 2025. [ 5 ] the bank of england joined that club last week by moving chaps, our high value payment system, to iso20022. several jurisdictions have extended the operating hours of their high - value payment systems to near 24 / 7, including countries as far apart as india, mexico, switzerland and indeed south africa. over the last two years, several countries have expanded access to their payment systems to new types of financial institution : including japan, switzerland and singapore. others, such as united states, have developed new guidelines for more transparent and risk - based assessment of account requests. and recent figures [ 6 ] show that two - thirds of cross - border transactions that take place via the swift network reach end beneficiaries within one hour. the private sector is also investing in better infrastructure : almost $ 19bn was invested in paytech start - ups last year. [ 7 ] recent survey suggested that 94 % of financial institutions are planning to invest in their payment technology in the next 3 years. [ 8 ] africa has a place among the leaders in payments innovation, from new mobile payment technologies with m - pesa to cbdc with enaira in nigeria. the pan african payment and settlement system ( papss ), launched last year, is expanding rapidly : it has nine central banks and 41 commercial banks live on the system. it recently agreed a strategic partnership with the african stock exchanges association ( asea ) to promote improved cross - border payments for capital market trades. three years on, i want to celebrate what has been achieved, and to garner support for the journey ahead. today i will explain the updated priorities for the roadmap, those actions that will deliver the greatest impact, and how you