- bank issuers of prepaid payment instruments, cross border fund transfer providers, card payment networks, atm networks, white label atms etc. other players such as aggregators and intermediaries, technology providers / processors, bcs etc., should also contribute their might in realising the vision of “ less cash ” society. these entities, though not directly authorised, are subject to some sort of oversight. 33. in this regard, the following issues are worthy of deliberation : ( a ) have we made the right moves in the path to financial inclusion? ( b ) how do we balance safety, security with convenience, user friendliness and navigational ease in electronic payments? how do we make electronic payments simple and convenient for customers and impenetrable / un - breachable for fraudster? bis central bankers ’ speeches ( c ) the spurt in electronic transactions, multiple channels / sources of payments, multiple interfaces and timely processing requirements underscore the need for large scale automation of payment processing. the challenge is to balance automation with exception handling. how can the technology automate payments processing while minimising the risk of wrong account posting, wrong payments, reconciliation etc? ( d ) how can technology be leveraged to increase the access footprint even in tier iii to vi cities so that the benefits of electronic payments reach the unbanked and underbanked areas? ( e ) in electronic payments, be it internet banking or mobile banking, the customer and banks relationship is becoming impersonal. can we utilise the prowess of technology in identifying unusual patterns and aberrations in transactions which are critical in detecting and minimising attempted frauds? oft neglected – and most important – information security 34. information security is another issue that must be very well understood by all institutions including banks. in the last few years, the information systems and the networks of the banks are increasingly faced with security threats from a wide range of sources including computer - assisted fraud, sabotage, vandalism etc. the sources of damage such as the computer viruses, computer hacking and denial of service attacks have become more common, more ambitious and increasingly sophisticated in the networked environment. the ever - growing dependence of organisations on the information systems – and more so when there is outsourcing – has made them more vulnerable to such security threats. a word of caution here : balance convenience of use of systems and robustness of security measures in them in such a manner that usage does not get complicated

t t mboweni : south african reserve bank launches upgraded banknotes speech by mr t t mboweni, governor of the south african reserve bank, at the launch of the upgraded banknotes, pretoria, 17 january 2005. * * * ladies and gentlemen welcome to the south african reserve bank. today we take great pride and pleasure in unveiling south africa ’ s upgraded banknotes. the preparation for the issue of this upgraded series has been a complex and a painstaking one and we are very proud of the result. the south african reserve bank has the sole authority to issue banknotes and coin in south africa. the bank has a concomitant responsibility to ensure that the public has confidence in the currency. to this end, the bank will be issuing upgraded banknotes with improved security features and with some aesthetic changes to the design of the banknotes from 1 february 2005. continuous improvements in currency design and security features protect the economy and your money. banknotes, which are usually taken for granted, are not only a means of payment. they are pieces of craftsmanship that are a window on the country, its people, heritage and culture, portraying its national character. the big - five theme on our banknotes is a reflection of our african heritage whilst the economic sector themes on the reverse of the banknotes more specifically reflect south africa. the improved security features and the modified design features ensure that our banknotes remain credible and aesthetically pleasing, while reflecting in very concrete ways how far we have come as a democracy. our banknotes have always been highly regarded, both nationally and internationally, for their design and security features and one of their strengths has been that the banknotes have withstood any major counterfeiting threat over the years. according to international best practice, the security features on banknotes are upgraded or new banknotes with new design and security features are issued every six to eight years. south africa ’ s current banknotes series has been in circulation since 1992. with the advent of improved technology and with heightened security and criminal threats, it has become necessary for the bank to be proactive and to take the necessary steps to upgrade the security features in our banknotes. we have also utilised the opportunity to change some of the design features to align our banknotes with the changes in our country. ladies and gentlemen, we wish to use this opportunity to thank the president and cabinet for their endorsement of the upgraded banknote series. in particular, we would like to express