to 2015. new objectives and strategies have been developed, and some of the vision 2010 objectives and strategies have been reconsidered, resulting in a refocus in, and / or redefinition of the vision 2015. major strategic objectives and challenges up to 2015 include the following : to continue to evaluate opportunities for further access to the nps and improve the participation of non - bank stakeholders in the clearing system and / or in the formal payment system management structures. the recent financial crisis has reemphasised the importance of sound risk management policies and practices in the maintenance of a safe and efficient payment system. to enhance the oversight of banks and non - banks. as non - bank stakeholders are playing a larger role in the payment system, effective payment system risk management policies need to be considered. bis central bankers ’ speeches to enhance communication among stakeholders regarding nps matters. better communication improves the understanding of payment system stakeholders of the multifaceted nature of the payment system, which is complex and at times appears to be misunderstood. to participate in international workgroups and forums. continued participation in international forums ensures that south africa stays abreast of international developments spanning the many dimensions of the payment system universe. to enhance human resources capacity in the broader nps. an intensified focus on human resources development initiatives will enable depth skills and the building of much needed capacity in the industry. to ensure high - level operational effectiveness of the payment system infrastructure. operational effectiveness ensures the circulation of funds in the financial system and efficient liquidity management by participants. failure of the infrastructure components of the payment system could result in substantial systemic operational risk. to facilitate regional payment infrastructure integration that meets the needs of the southern african development community ( sadc ) region. the emphasis will be on commencing the process towards an integrated infrastructure. to formalise and implement an interchange determination process in south africa that is fair, transparent and sustainable. this process should include all payment streams. vision 2015 is the product of inter - organisational brainstorming, debate and consultation between the bank, the banking industry and various other specific stakeholders. the successful implementation of the strategies will, once again, depend on co - operation between all the payment system stakeholders. i would like to take this opportunity to thank the bank and non - bank stakeholders for the input provided and their continued co - operation with the bank. finally, allow me to also convey my appreciation to my colleagues from the national payment system department, under the able leadership of dave mitchell,

. this, in turn, necessitates a broader mix of financial instruments. both infrastructure funds and bonds have great potential. the better and more widespread securitisation of bank loans seems desirable to diversify risks. it may also assist the development of transparent capital market instruments. for emerging markets, financial market development, trusted legal frameworks, and the development of a long - term investor base are pertinent ” this is what we should work for. hopefully, banks would soon move towards credit enhancement, so that other players are willing to subscribe to bonds issued by corporates executing infrastructure projects. it is also necessary that those with long maturity liabilities are encouraged to provide funds to the infrastructure projects. this apart, i feel there is a huge potential to raise money by way of issue of green bonds. india ’ s commitment to the paris climate accord, makes it all the more important to work towards implementing infrastructure projects that are environmentally sustainable because it is both the need of the hour and there could be alternative sources for raising funds for projects that are environment friendly. we will have to set benchmarks for evaluation / rating of the emission prevention / avoidance / reduction that a project brings and harness the financing potential for such projects. let me end by once again thanking assocham for giving me the opportunity to share my thoughts on the subject and i am sure that the deliberations during the day will throw up new and actionable ideas to facilitate flow of funds for the infrastructure sector. 1 special mention account 2 – where principal and / or interest is overdue for more than 60 days. 5 / 5 bis central bankers'speeches