because the payer doesn ’ t have to know the payee ’ s account information. virtually all the innovative services i noted involve closed payment communities, which require both the sender and receiver to join. a more efficient mechanism would facilitate payments from any sender to any receiver. achieved through directories, standards or some other solution, ubiquity will be key to achieving the efficiency of all - electronic payments in the end - to - end value chain. let me touch on one more possible form of efficiency ; in my personal view, an efficient, faster, secure and ubiquitous payments mechanism ( especially if it ’ s mobile ) could significantly change the risks in payments. faster clearing, especially with a balance check at initiation and immediate posting or credit at the receiving end could reduce the amount of credit involved in managing commerce or a payments business, credit that arises today from returned checks, for example. customers that are relying more on their balances and less on float or credit may borrow less but may need to be more liquid. the possibility that future payments might rely somewhat less on a firm ’ s economic capital and its liquidity could also contribute to efficiency. along with enabling innovation, technology drives new risk. reports of denial of service attacks and data breaches have raised data security concerns across the payments industry. concern is growing about the potential to corporate and or other bank account takeovers. any of these disruptions has the potential for undermining confidence in the payments system, particularly given that it is difficult for end - users to assess the security of payment services. security and resiliency have always been paramount concerns across the payments system. the impact of a significant outage or fraud on the public ’ s confidence may adversely impact increasingly electronic or “ digital ” commerce. new ways of making payments and the entry of non - traditional payments system participants create change that presents new risks and challenges to assess. the sophistication of some recent frauds introduces the potential for material risk. the federal reserve banks ’ strategic plan focuses on fostering safety and bis central bankers ’ speeches security not only in federal reserve interbank networks and applications, but also the safety and security of the payments process from end - to - end. the challenges and opportunities related to speed, efficiency and security of payments are most apparent when we examine the mobile and international payment ecosystems. the mobile revolution is blurring the lines between commerce, both online and offline, and payments. in this new world, payments are but

lsap = large scale asset purchases, mep = maturity extension programme, apf = asset purchase facility, qqe = quantitative and qualitative easing 17. 11. 2016 financial markets and monetary policy implementation – an evolving relationship | andrea m. maechler | © snb sources : andrade et al. ( 2016 ), snb central banks further reduced long - term interest rates by purchasing government bonds sources : imf, snb the different asset classes are more strongly correlated today than before the crisis 17. 11. 2016 financial markets and monetary policy implementation – an evolving relationship | andrea m. maechler | © snb sources : bloomberg, snb equity prices in the us reached new highs despite falling earnings expectations 17. 11. 2016 financial markets and monetary policy implementation – an evolving relationship | andrea m. maechler | © snb sources : bloomberg, snb little change in us equity market ’ s pre and postcrisis reaction to news 17. 11. 2016 financial markets and monetary policy implementation – an evolving relationship | andrea m. maechler | © snb thank you for your attention © swiss national bank