On 5 June 2018, the Dutch Central Bank (De Nederlandsche Bank, DNB) released its Payments Strategy for 2018 to 2021. DNB indicates that it will focus on three key priorities:
- stimulating innovation: DNB seeks to stimulate innovation by deepening its understanding of new technologies, such as those underlying cryptos and supporting market initiatives. In this light, DNB attempts to remain vigilant against risks such as operational disruptions and privacy violations brought about by such innovations;
- promoting a robust electronic payment infrastructure: DNB notes that the payment environment is changing rapidly and that this offers both opportunities and challenges. According to DNB, the Netherlands has a robust, solid and dependable payment infrastructure, and it is fundamental that this continues to be the case. Therefore, in the years ahead DNB will continue aiming at strengthening the resilience of individual institutions and the sector as a whole against cyberthreats; and
- working on a well-functioning cash payment chain: DNB indicates that it is not seeking for a cashless society. However, the dwindling proportion of cash transactions require for maximum efficiency in ensuring the universal acceptance, reliability and safety of cash and reducing the associated costs.
Furthermore, DNB expects that in the near future, Dutch banks will process instant payments over a new payment infrastructure currently under development. It also expects that possibilities for making payment markets more efficient and to reduce costs may be offered by the distributed ledger technology.
View DNB’s press release, 5 June 2018.
