emerging to offer innovative technologies. incumbents are outsourcing parts of their infrastructure and building partnerships with fintechs. with payment services accounting for as much as 40 % of global banking revenue, the market presents a big opportunity. 5 innovation by individual firms is necessary, but not always sufficient to further enhance payment services. to make a real difference many actors need to come together to develop infrastructures, agree standards and enhance interoperability and harmonisation. there are already examples of such collaboration seeking to reshape the payments landscape. existing infrastructures have innovated via the launch of new products, such as clsnow ( for real - time fx ) and sw ift gpi ( to better track cross - border payments ). new industry consortia have emerged to achieve coordinated innovation. for instance, komgo – started by a consortium of banks – seeks to improve the operational processing of international trade and make it easier for buyers and sellers to trade. there are also initiatives aimed to streamline settlement across products and currencies. fnality – another industry consortium – are seeking to build a network of 24 / 7 high - value payment systems in multiple currencies. there is also exploratory work led by the central banks. some of you here today have collaborated with market participants to build prototypes of new platforms for wholesale settlement – so - called ‘ wholesale cbdcs ’. many of these prototypes used distributed ledger technology to enable interoperability between platforms and offer enhanced functionality. these experiments bring together a diverse range of stakeholders to build end - to - end solutions for use cases such as bond issuance or settling equity trades, extending beyond the pure payments market. i do wonder though whether the term “ wholesale cbdc ” is a misnomer. electronic central bank money has been available to financial institutions for decades via rtgs systems. in the provision of central bank infrastructure the key is not the label, but who can access it and what functionality is provided. here at the bank of england we are in the process of renewing our rtgs infrastructure to offer a more accessible, functional and resilient platform for digital settlement in central bank money. while we are developing it on centralised infrastructure, it will be able to interface with innovative payment systems and providers, including those based on distributed ledger technology. 6 2 / 6 bis central bankers'speeches how central banks can influence the outcomes of innovation the role of central banks in providing core payments infrastructure is crucial.

market participants to develop new payment systems, or allow existing systems to settle more securely. it is also important to alleviate technical and operational barriers which make it too costly for participants to connect. we have streamlined our regular testing procedures and adapted our rulebooks to take account of changing technology while maintaining high standards and safeguards. for example, it is now possible to join chaps ( the uk high value payment service ) using cloud infrastructure. evolution of our public infrastructure it is one thing to enable access, it is also essential to provide the functionality that attracts users. new functionality can enable the industry to innovate, utilise central bank money in new ways and build new services for their customers. continuing the road analogy, high - speed motorways had to replace country roads to allow more goods to be shipped and people to connect more quickly and over longer distances. 3 / 6 bis central bankers'speeches i want to bring this to life by outlining the bank ’ s current programme to modernise our core payments infrastructure. in 2017, the bank announced an ambitious vision7, created in close collaboration with industry, to renew the rtgs service. the blueprint outlined a wide range of proposals intended to provide higher resilience, broader access, wider interoperability, and improved user functionality. in just over a year we will be realising the first key element of that vision : the implementation of enhanced iso20022 messaging standards8. in april 2023 chaps will move to the common international language for payments. richer and more harmonised data can allow merchants to match payments to invoices and brokers to reconcile trades. for financial institutions, it can reduce the need for manual intervention and help detect fraud. our transition to iso20002 will also pave the way for consistent adoption of enhanced data in payment messages, including legal entity identifiers ( leis ) and purpose codes. we will then introduce in spring 2024 a new rtgs core settlement platform, offering greater resilience and enhanced user functionality. the new core platform will be modular, flexible and based on open standards. it has been designed to enable continuous evolution of our platform, which will keep it resilient to new threats and flexible to evolve in line with industry innovation. we are working closely with the payments industry to develop these exciting changes, and to ensure they are ready to implement them on time. but with the payments world continuing to evolve, we are not going to stop with the launch of the new