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Why must the Central Bank drive the creation of such systems? What is needed, is strong support from top management in some of the banks involved These top managers must want a solution and drive its creation!

The limit of instant payment usage at the pont-of-sale is described as the merchant providing the customer with the IBAN to make the instant payment to. Request-to-Pay is described as the solution to this problem.But this only shifts the problem from one side to the other. Now the customer must provide the merchant with the IBAN ro which the merchant has to send the Request-to-Pay. Far simpler would be for the mercahnt to provide he customer at the point-of-sahe with a QR code containing all details for the instant payment to be made. The customer pick this QR code up in his mobile banking app and intiates an nstant payent to the merchant. This would be a simple and frictionless process.

Why didn't they consolidate the two from the outset?

The interesting point is not the past (the blaming) but the future. How can we all, bankers and regulators, get the banks (and other companies) again onto a for society worthwhile and accepatble course?

The loss of data is incredible. But why does the FSA allow banks, under pressure from the FATF, to distribute in cross-border credit transfers the account number of the instructing customer all over the world? It is inevitable that this account number will leave the banking environment, get into the hands of criminals (that also are provided with further information - all details about a transaction that most recently went via this account: the cross-border credit transfer!) and be mis-used elsewhere. The information on this account number is totally unnecessary to combat money laundering. A more consistent approach to the confidentiality of data would be more than appropriate.