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… the private sector to potentially bypass the core national system that either are regular for Central Banks or operated … both a risk of Central Banks being out of the payments ecosystem, but also opportunities for Central Banks to provide … how it looks like, the parties involved, or the banking system of each country, or all of the above" that both of …
… a specific legislative mandate for an open banking ecosystem, as the authorities in Singapore , Hong Kong , and … is to ensure the stability of the international monetary system—the system of exchange rates and international payments …
… potential of a completely ISO 20022-enabled payments ecosystem. Hi. I'm Justin Ferrabee, Chief Operating Officer of … customers, then the suppliers in the economy, the payment systems, the banks, will be able to see that they'll get a … what the risks to your organization are. Is your current systems going to integrate with the new payment systems? If …
… series. So let's first set the stage on what a payments ecosystem is in the first place and why it's due to be … you going pay debit or credit before you use your card? The system should recognize it and it doesn't matter. It goes to … feel it anymore, but when we introduce all the modernized systems we have planned for, a lot of this friction will be …
… for innovative payment technologies, and a modern payment system. Hi, I'm Justin Ferebee, chief operating officer at … you almost have to, you were relying on the friction in the system to manage your money. And now you have to create your … finances on their own. Like we can't blame the payment system, because it's too convenient. You've got to give …
… We must continue to innovate and modernize the payment system in order to help our businesses to grow to keep their … [crosstalk 00:06:18] Justin Ferrabee: Or they have a big system that matches that kind of stuff. Dan Kelly: Indeed. … don't really want to change. They're happy with the payment system that they have today. But that's a third of small and …
… resiliency is in the spotlight as Canada's national payment systems continue to operate safely and reliably even in the … and businesses, must be prepared to constantly adjust systems to meet change in economic conditions and also … and well-being of employees as well as operations of our system top priorities. To further our discussion on risk and …