Mr. Colm Kincaid:

I agree with the Deputy. I mentioned speed and innovation. In this regard, we are seeing settlement times come down and payments become faster through the technology being used now. As the Deputy said, several firms around Europe have introduced instant payments. Speed carries the risk of fraud. If my memory serves me correctly, in excess of 90%, and maybe as much as 97%, of the authorised push payment fraud in the UK is through its faster payments system, because fraudsters prey on that. We are constantly working to make the systems faster and more convenient but also trying to build in the protections to ensure the fraudsters who seek to capitalise on our doing so cannot do so. On the Deputy’s point on making payments more swift and convenient for people, we want to see the payments system deliver increasingly for people in this regard over time.