The payments landscape is undergoing profound transformation driven by ongoing digitalisation and the use of new technologies. These are enabling new payment solutions and new forms of money designed to meet customer demand for ever faster and more convenient payment options.

To ensure that the transformation in payments continues to strengthen confidence in money, three principles must be upheld: first, the close interrelationship between private money and central bank money; second, the settlement in central bank money of payments that are significant for the system as a whole; and third, the most seamless possible integration of payment systems, payment solutions, and forms of money.

The main challenges for the financial centre lie in the end-to-end, real-time settlement in central bank money, and in the interoperability of payment systems. While taking a positive stance on change and innovation in payment transactions, and respecting the above-mentioned principles, the SNB contributes to overcoming these challenges through two projects. The first project - instant payments in the SIC system - is creating the framework at infrastructure level for future-proof cashless payments. Instant payments facilitate the settlement of retail payments around the clock and in real time. An additional benefit is efficiency gains thanks to shorter settlement chains and automated business processes. The second project explores settlement mechanisms for tokenised assets, with the goal of enhancing the SNB's operational readiness in this area.