As information and communications technology began to be actively used for the construction and operation of payment and settlement systems in the 1980s, payment transactions have undergone epochal innovation to overcome the limitations of time and geographical location. As a result, the volume of clearing and settlement has grown tremendously and transactions have come to be concentrated on a few major settlement systems. If settlement risk, having grown significantly in this payment and settlement environment, is not tackled appropriately, a default within a single system could spread to the entire payment and settlement systems, consequently triggering systemic risk. For this reason, the policy authorities recognize that ensuring the safety and efficiency of payment and settlement systems is a prerequisite for sustainable economic growth and financial stability.

* Please see the attached file.