Abstract
Central bank involvement in the payment system has traditionally focused on insulating the real economy from disruptions in the banking system. Since the banking system is also the payment system, activities such as bank examination, discount window lending, deposit insurance, capital requirements, and recent efforts to reduce settlement failure risks on large value payment networks all contribute to minimising payment system disruptions. The purpose of this paper is to outline seven areas associated with the payment system which deserve, and in some countries have received, greater central bank attention. These areas primarily concern payment system cost, operating efficiency, and access.
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