of rtgs1, which processes over £600 billion of payments every day. until recently only commercial banks had direct access to it, and alternative payment service providers ( or psps ) had to route through them. that made sense in the old financial world arranged around a series of hubs and spokes but it is increasingly anachronistic in the new, distributed finance that is emerging. so we are now making it easier for a broad set of firms to plug in and compete with more traditional providers. responding to demands from fintech providers, the rebuild will provide api access to read and write payment data. in july 2017, we became the first g20 central bank to open up access to our payment services to a new generation of non - bank psps. since then, five have become members and there is a growing pipeline of around twenty firms exploring whether and how to join. wider access will improve services to uk households and businesses and it will bring financial stability benefits by increasing the proportion of settlement in central bank money, diversifying the number of settlement firms, and driving innovation. financing major transitions my second example of how the bank is providing a platform for private innovation concerns the financing of the major transitions shaping the new economy such as the rapid rise of emerging economic powers and the evolving response to climate change. the transition to a low carbon economy, in particular, will require enormous re - allocations of capital and massive investments in infrastructure — on some estimates as much as $ 100 trillion globally over the next decade. firms that anticipate these developments will be rewarded handsomely ; those that fail to adapt will cease to exist. this will have enormous ramifications both the financial system and for financial stability. 2 that ’ s why the bank is transforming our soft infrastructure. recognising the need for adequate reporting of climate - related risks and opportunities, four years ago the bank helped catalyse the private sector - led task force on climate - related financial disclosures ( tcfd ). the tcfd has now led to a step change in the demand and supply of climate reporting. with over $ 100 trillion in assets now demanding tcfd quality disclosures, a market in transition is now being built. rtgs renewal programme : a blueprint for a new rtgs service for the united kingdom. available at : https : / / www. bankofengland. co. uk / paper / 2017 / a - blueprint - for - a - new -

##7 and the machinery to monitor progress. we are starting to see some real improvements. but there is a long way to go, and it will need continued investment by the public and private sectors in infrastructure and data and regulatory changes. as i said at the outset, both the frictions and the actions necessary to achieve them vary considerably by payment type and by region. but there are some common priority areas on which we will need to focus in the next phase of the work. first, we need to see further upgrades to central bank and private sector payment systems. more than a dozen countries are developing and upgrading their real - time gross settlement ( rtgs ) systems over the next five years, for instance by expanding access or extending operating hours. as an individual cross - border payment will often involve systems operated by both public and private sector institutions, the cpmi has launched a joint public - private sector taskforce to coordinate plans for the necessary improvements and ensure they coalesce around best practices. second, we need to implement the data standards for cross - border iso 20022 payment messages and develop harmonised standards for application programming interfaces ( apis ). third, we should facilitate and promote interlinking of fast payment systems. there are a range of technological solutions available or in prospect. [ 11 ] but the governance and oversight of interlinking arrangements can be a greater challenge than the technology. cpmi is working on a report to the g20 next year on these governance and oversight issues that could serve as a useful reference for payment system owners and overseers, and it published an interim report for comment last week. fourth, we should pursue more effective, coordinated regulatory frameworks for cross - border payments, and remove unnecessary regulatory frictions. a key priority on regulation in the nearterm will be for the financial action task force ( fatf ), in the first half of next year, to update their recommendation ( which was originally developed 20 years ago ) on detecting and preventing misuse of wire transfers by terrorists and other criminals. a more granular recommendation, which takes into account new data standards and technology, will enable more consistent implementation across jurisdictions and enhance both the efficiency and the effectiveness of aml / cft checks. in addition to fatf ’ s work here, there are a range of other frictions arising from the regulation of banks and non - banks, and a second public - private taskforce is focused on identifying actions to address these. fifth, we should support authorities beyond