payments system is a “ complex apparatus [ of rules, intermediaries and instruments ] that serves a simple purpose : allowing the execution of payments in money associated with the circulation of goods and services ”. as regulators and providers of means of payment, we have to ensure that the digital transformation of retail payments will encourage the exchange of goods and services among households and firms, helping them to reap the benefits of the new technologies and to share them widely.

technologies, such as those used for instant payments, are rapidly approaching, newer ones are right behind. last year we held a conference here at the bank of italy on the applications of blockchain technology in the financial markets. what last year still seemed to be a technology in its infancy is now increasingly put to work in use cases. as with all new technologies, it is expected to deliver efficiency gains : according to its proponents, some of these gains will come from easier diffusion of information and have the potential of altering the payment systems landscape. however, the extent of its impact is still uncertain, as many aspects of its practical implementation are yet unknown. nevertheless, blockchain technology is getting a great deal of attention from practitioners and the financial markets. not long ago the stock price of a british company more than tripled after newspapers reported the company ’ s plan to add the word “ blockchain ” to its name! so large was the gain that the company felt compelled to publicly clarify that its development of blockchain products was still at an early stage of research and development. thus, the digital revolution is posing new challenges to central banks, both as regulators of payment systems and as providers of money and payment infrastructures. many of them are already being tackled, but many still lie ahead. through significant investments in technology in the payments industry, both central banks and market operators increased the supply of efficient payment services and ensured their security and reliability to foster public confidence in ( new ) electronic means of payment. in europe, the establishment of the single euro payments area ( sepa ) was a milestone achievement in this context. with widespread access to the internet, consumers are now continuously connected and have come to expect commercial and financial services to be available at their fingertips in real time. all over the world we are seeing a rapid increase in the level of interest in payment solutions that allow money to be sent from person to person through instant payment applications. on 21 november, the pan - european instant credit transfer scheme established by the european payments council ( epc ) went live thanks to the efforts undertaken by the payment service providers ( psp ) and automated clearing houses ( ach ). now, nearly 600 payment service providers from eight european countries ( including italy ) may choose to offer instant payment solutions based on the new scheme whose scope will progressively span to include thirty - four european countries. to further facilitate the integration of the euro area and to complement the services of achs, last june the eurosystem