of non - banks able to provide individuals and companies with viable alternatives, but for now banks continue to act as gatekeepers to payment and settlement in central bank money. bis central bankers ’ speeches my own forecast is that fintech ’ s consequences for the bank ’ s objectives will not become fully apparent for some time. many of the technologies needed to deliver such transformations are nascent – their scalability and compatibility untested beyond proofs of concept. moreover, the bar for displacing incumbent technologies is very high. nor will the bank of england take risks with the resilience of the core of the system. disruption won ’ t come either easy or cheap. 4. enabling the fintech transformation we are actively exploring how new financial technologies could support our policy objectives. there are five ways the bank is enabling the fintech transformation. the first is widening access to central bank money to non - bank payments service providers, known as psps. 3 as the internet revolutionised commerce, making trade faster and markets more competitive, payments technology lagged in many countries, although it is worth remembering that the uk has been a global leader on real - time retail payments. faster payments ( fps ) was one of the earliest real - time retail systems introduced, in 2008. now, new entrants and established players are seeking to provide payment services that are instantaneous, secure, reliable and accessible anytime from anywhere. 4 retail consumers and firms are increasingly demanding payments completed in seconds, not hours or days. they expect payments to be seamless, reliable and cheap whether to recipients overseas or just up the street. and they expect to make payments without visits to a bank branch or even logging onto a desktop computer. similarly, companies, financial intermediaries and governments want to process ever larger and more complex bulk payments covering multiple systems, countries and currencies. central banks lie at the hearts of payment systems, giving households and firms the assurance that transactions have settled in the most secure form of payment : central bank money. to fulfil that role, our payments infrastructure needs to remain fit for purpose : reliable, resilient and robust. but we must also be responsive to changing payments demands. so earlier this year the bank announced we would be drawing up a blueprint to replace our current real - time gross settlement ( rtgs ) system, now twenty years old. 48 institutions currently have settlement accounts in rtgs. all other users of the systems that settle across rtgs access settlement

message received and understood − speech by dave ramsden given remotely at a conference by the lietuvos bankas and the bank for international settlements ( bis ) on the “ future of central banking ” published on 29 september 2022 speech introduction thank you very much for the invitation to join this panel today and i am very sorry i can ’ t be with you in vilnius. real - time market developments kept me here in london, but i ’ m grateful to the organisers from the central bank of lithuania and from the bis for allowing me to contribute virtually to the bank ’ s 100th birthday conference. i really welcome the focus of this panel on data since having access to fast, accurate, appropriately structured data is critical in equipping central banks with the knowledge they need to function in order to meet their objectives. the bank of england ’ s mission to deliver monetary and financial stability is a broad and deep one. we need a similarly broad pool of data of varying depths to fulfil our mission. in 15 minutes i cannot hope to do justice to the variety of data we need to get a clear picture of the economy, the financial system as a whole and the firms we regulate in order to frame action. last year the bank and pra published our data strategy, joint with the fsa, setting out how we will transform our collection and use of data to fulfil our responsibilities as a supervisor and regulator [ 1 ]. in my time today i will focus on my bank responsibilities for payments and give a real - life example of why having real - time data matters and also point to how we could make payments data even more useful through the message that communicates the data. i will conclude with a brief recap on uk financial market developments this week and highlight the use we are making of real - time data to respond to those developments to meet our objective for financial stability. use of real - time payments data the covid - 19 pandemic continues to impact on us in many ways and to change how we do things. in the context of today ’ s panel the pandemic acted as a catalyst for extending use of the bank ’ s payments data. right from its start in march 2020 we knew that the pandemic and the necessary response to it would have very serious but also very different impacts on different sectors of the economy. but it was much less easy to be confident of the scale of those differential impacts and over what time frame. extracting a signal from an understand