There are few financial institutions as important to the global payments system as the network of domestic central banks. In Asia one of the boldest and most forward thinking is the Monetary Authority of Singapore MAS.
In 2003, the MAS decided that it was looking to upgrade its current real time gross settlement system for domestic payments, which was called the MAS Electronic Payments System or MEPS.
The new central application was to be called MEPS and crucially within MEPS, the MAS decided to include the messaging functions and network connectivity of SWIFTNet.
As the world gets more interconnected...