Q2 2019 XRP Markets Report 12983

Ripple

Ripple publishes the quarterly XRP Markets Report to provide regular updates on the state of the market, including quarterly programmatic and institutional strategy and sales, relevant XRP-related announcements such as Xpring and RippleNet partnerships, and commentary on previous quarter market developments. As an owner of XRP, Ripple believes in proactive transparency and in being a responsible stakeholder. Ripple urges others in the industry to follow its lead to build trust, foster open communication, and raise the bar industry-wide.

CHANGE IN VOLUME BENCHMARK

In June 2019, Ripple shared that the company’s sales of XRP in Q2 2019 would be lower as a percentage of reported volume than in the previous quarters due to the concerns about misreported, falsified and inflated reported trading volumes.

Ripple worked with trusted partners to evaluate new sources of legitimate trading volume. After evaluation, Ripple decided CryptoCompare’s Top Tier (CCTT), the exchanges rated “AA,” “A,” and “B” by its Exchange Benchmark, offers a more complete look on the quality, regulatory environment, management, and structure of exchanges that filter out a majority of unverified volumes. Publicly available sources of trusted trading volume are still in relatively early stages, but CCTT is in line with what Ripple believes to be more accurate XRP trading volumes. For now, Ripple will use CCTT as its benchmark, and will continue to work proactively with industry participants toward resolving the issues around unreliable industry volume data.

Q2 HIGHLIGHTS

  • Overall market capitalization of digital assets sharply increased in Q2.
  • Ripple sold $251.51 million XRP in Q2 2019 and is substantially reducing future sales of XRP.
  • Given the concerns about overstated market trading volumes, CryptoCompare will be Ripple’s primary benchmark for XRP market volume going forward.
  • Three billion XRP were released out of cryptographic escrow, 2.10 billion returned to escrow.
  • XRP is now listed on over 130 exchanges worldwide.
*data from coinmarketcap.com; **data from CryptoCompare Top Tier

Q2 AND FUTURE XRP SALES

Q2 Sales
In Q2 2019, Ripple sold $106.87 million XRP in institutional direct sales and $144.64 million in programmatic sales. In total, the company sold $251.51 million XRP in Q2. Given the reports of inflated volumes, which Ripple took seriously, the company temporarily paused programmatic sales and placed limits on institutional sales to evaluate the problem in early Q2. Ripple later resumed XRP sales at a rate that was 50% lower versus previous guidance, at 10 basis points of CoinMarketCap reported volumes.

Future Sales
Ripple plans to take a more conservative approach to XRP sales in Q3. As noted, the company switched benchmarks to CCTT and will target programmatic sales at 10 basis points of CCTT reported volumes.

INSTITUTIONAL VS. PROGRAMMATIC SALES

Institutional (OTC) Sales
Ripple’s long-term view is that efficient, liquid XRP markets should resemble the traditional FX markets, given XRP’s use case of global value transfer. As a large portion of FX trading occurs on the OTC markets, in 2017, Ripple began providing, through XRP II, a licensed subsidiary, OTC purchases of XRP to meet institutional demand, at a time when XRP/USD liquidity was limited. Since then, XRP listings increased as Ripple has partnered with the top digital asset brokers and used inventory to serve as a backstop for XRP liquidity. This allowed these OTC liquidity providers the ability to source XRP, even when institutional quantities of XRP were difficult to access across exchanges.

Ripple decided to pull back from providing XRP over-the-counter at scale toward the end of Q2, in light of the OTC desks’ ability to source institutional demand for XRP in the open markets. Going forward, Ripple plans to focus institutional sales on markets where the on-exchange liquidity for XRP is insufficient to meet institutional demand.

Programmatic Sales
Ripple’s programmatic XRP sales have been done with the goal of minimizing market impact. The company did this through limiting XRP programmatic sales to what it considers a small percentage of traded volume, which was executed across multiple exchanges. Ripple relies on programmatic sales partners who mainly execute trades passively; their trading volumes do not vary based on changes in the price of XRP, but they do increase as overall XRP trading volumes increase.

As discussed earlier, because of misreported trading volumes, Ripple has changed its sales strategy and benchmark for Q3, and will continue to closely monitor the situation.

Q2 ESCROW ACTIVITY

In Q2 2019, three billion XRP were again released out of escrow (one billion each month). 2.10 billion XRP were returned and subsequently put into new escrow contracts. The remaining 900 million XRP not returned to escrow are being used in a variety of ways to develop use cases for XRP, including Xpring initiatives and RippleNet partnerships (such as MoneyGram). All figures are reported based on transactions executed during the quarter.

XRP COMMENTARY

The overall market capitalization of digital assets increased by 122.86% from Q1. XRP price gained 28.20% over Q2, ending the quarter at $0.40 on coinmarketcap.com

Volume
According to CCTT, the daily volume for XRP increased in Q2. The average daily volume was $429.51 million in Q2 and $156.01 million in Q1.

For reference, according to coinmarketcap.com, the average XRP daily volume was $1.74 billion.

Volatility and Correlation
XRP’s volatility of daily returns over the quarter was 5.01%. Though there was a slight increase in volatility from Q1, XRP was in line with other top digital assets. In addition, XRP’s correlation with bitcoin dropped from Q1, while its correlation with ether remained high.

Exchanges
In Q2, 12 new exchanges listed XRP bringing the total number to over 130 exchanges worldwide.

RIPPLENET

Q2 saw the highest number of customer transactions on RippleNet. In fact, the number of xRapid transactions increased 170% from Q1 to Q2 and Ripple had a 30% increase in the number of live xRapid partners in Q2. Ripple anticipates this momentum in transaction volume to continue as more partners and customers go live.

Notably in Q2, Ripple announced it agreed to enter into a strategic partnership with MoneyGram (NASDAQ: MGI), one of the world’s largest money transfer companies. The company operates in the $600 billion global remittance market, serving millions of customers in more than 200 countries and territories, supporting multiple currencies. Through this partnership, which will have an initial term of two years, Ripple would become MoneyGram’s key partner for cross-border payments and foreign exchange settlement using digital assets. In conjunction with the partnership, Ripple has agreed to provide a capital commitment to MoneyGram, which enables the company to draw up to $50 million in exchange for equity over a two-year period.

The partnership with Ripple focuses on the xRapid product. xRapid is a solution for on-demand liquidity, which leverages XRP, the native digital asset of the XRP Ledger, as a real-time bridge between the sending and receiving currencies.

XPRING 

Xpring is Ripple’s initiative to support the open source community of developers, building on the decentralized XRP Ledger and use cases for XRP on that ledger. This support is done in two ways: 1) helping innovative blockchain projects grow through partnership and investment; 2) building crypto infrastructure through contributions to open source crypto protocols such as the XRP Ledger and Interledger projects. In addition, Xpring is building a developer platform to support open source developers to leverage these protocols. Xpring makes investments using a mix of traditional currency and XRP.  XRP investments are generally subject to sales restrictions and intended for direct use in the tools and services being developed.

Companies and developers continued to build on the XRP Ledger, and utilize ILP and XRP. Significant developments from companies and projects, which Xpring invested in and supports, include:

  • Bolt Labs is a privacy-focused payment channel network supporting multiple digital currencies. Bolt scales off-chain transactions while preserving privacy.
  • Agoric enables developers to build secure smart contracts and new digital assets that can connect to public and private blockchains.
  • Robot Ventures is a (pre-)seed investor in early stage companies in the decentralized finance and blockchain space.

MARKET COMMENTARY

Notable Regulatory Activity

  • The SEC announced that it would establish nodes on certain open source, permissionless ledgers, such as the XRP Ledger, to help inform its policy making.
  • The UK’s Financial Conduct Authority analogized XRP to ETH, which it recognized was a hybrid utility/exchange token, not a security token.

Technology companies enter the space
New entrants into the ecosystem brought global awareness around crypto and blockchain. Most notably, Facebook’s announcement of the Libra whitepaper in June brought mainstream attention from all audiences. Akin to JP Morgan’s announcement of its JPM Coin trial, the news brought market validation to the space, highlighting the benefits that blockchain and crypto bring to payments. However, Facebook faced significant regulatory headwinds as regulators questioned the company’s ability to protect consumer data and comply with anti-money laundering and know-your-customer laws. Facebook was not the only tech company that announced it was breaking into crypto and blockchain this quarter:

  • Amazon was granted a patent to build a proof-of-work cryptographic system to fight DDOS attacks. Also, Amazon Web Services launched its Managed Blockchain service, which supports open-source framework Hyperledger Fabric, for its enterprise clients.
  • Yahoo! Japan went live with Taotao, its cryptocurrency exchange, where bitcoin and ether will be initially traded, and margin trading of XRP and litecoin will be available.
  • Google announced that Ethereum app builders using Google software will be able to integrate data from sources outside the blockchain through a partnership with Chainlink.
  • Samsung announced the development of its own Ethereum-based blockchain and may issue its own token.

Increased Institutional Interest 
Digital assets experienced increasing levels of institutional interest over the past three months. Last quarter, futures trading and other crypto derivatives were widely discussed as the market capitalization of digital assets increased, CME reached a record high for BTC futures and Bakktannounced plans to begin testing its future contracts.

Banks continue to bet on crypto and blockchain 
Established banks continued to show interest in blockchain and crypto as they build their own private blockchain solutions and tokens. Last quarter, a group of 14 financial firms led by UBS including Barclays, Santander, and Canadian Imperial Bank of Commerce created Fnality International to aid in the development and launch of a utility settlement coin (USC) to improve cross-border payments. JPMorgan announced that it will start customer trials of its JPM Coin with corporate clients, and Goldman Sachs CEO said the bank is doing extensive research on asset tokenization and stablecoins.

Crypto exchanges reported record trading volumes and profit. Traditional brokerage firms plan to offer cryptocurrency trading to their institutional clients.

ADDITIONAL REGULATORY HIGHLIGHTS IN Q2

Americas and Europe

  • The G20 officially announced its support of the FATF’s crypto guidelines and ongoing work by the Financial Stability Board (FSB) to explore the implications of decentralized fintech and how regulators can better engage stakeholders.
  • SEC Commissioner Hester Peirce said current guidance falls short of clarity that the industry needs to move forward to develop additional guidelines regarding crypto.
  • France pushed for the EU to adopt a cryptocurrency framework to achieve uniform laws.
  • Bitstamp was granted a virtual currency license by the New York Department of Financial Services.
  • The SEC sued Kik for allegedly running an unregistered securities sale back in 2017 when it launched an ICO for its kin token.
  • The UK’s Financial Conduct Authority is consulting on a potential ban on the sale of crypto derivatives to retail investors.

APAC

  • Reserve Bank of India considered a law that mandates payments data should not be allowed to leave its borders, and announced a framework for its fintech sandbox that invites blockchain projects to take part, but excludes cryptocurrency-related businesses.
  • Nepal banned AliPay and WeChat Pay, citing they are not registered as official payment systems.
  • Japan’s lower and upper houses passed new crypto regulation in National Diet (Japan’s bicameral legislature) to strengthen local regulations and cryptocurrency trading practices.

South America

  • Brazil established a new commission to consider crypto regulation in the country. The commission will be composed of 34 members in accordance with the House Rules of Procedure. Also, the country’s major financial authorities announced a regulatory sandbox for blockchain, fintech and crypto.
  • The Chilean government introduced a bill on cryptocurrencies for congress.

Middle East and Africa

  • Egypt lifted its ban, and will allow licensed cryptocurrency companies.
  • Pakistan Central Bank announced its intention to launch a digital currency by 2025, in an effort to go fully digital by 2030.

CONCLUSION

Q2 was marked by increased regulatory activity, landmark partnerships and high profile announcements from new entrants and key industry players. These activities underscore the continued maturation of the blockchain and crypto markets. In addition, Ripple has taken proactive steps to address the issues of inflated volumes by reducing future XRP sales and changing its volume benchmark.

If interested, please find the Q1 2019 XRP Markets Report here.

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WhatsApp in Talks to Launch Crypto Mobile Payments in Indonesia 10457

Indonesia

Facebook Inc’s messaging service WhatsApp is in talks with multiple Indonesian digital payment firms to offer their mobile transaction services, in a bid to tap the nation’s fast growing e-commerce sector, people familiar with the matter said. Indonesia could become the second country worldwide where WhatsApp introduces such services, as it awaits regulatory approval from India, its biggest market by users, that has been delayed due to local data storage rules.

But unlike in India where it plans to offer direct peer-to-peer payment services, WhatsApp will simply serve as a platform in Indonesia supporting payments via local digital wallets due to tough licensing regulations, the sources told Reuters.

The Indonesia model could become a template for Whatsapp to adopt in other emerging markets to get around regulations on foreign players creating their own digital wallets, the sources said.

Indonesia, home to 260 million people and Southeast Asia’s largest economy, is one of the top-five markets globally for Whatsapp, with over 100 million users.

The nation is set to see its e-commerce industry tripling to $100 billion by 2025, according to some estimates, but it also has some of the region’s strictest digital payments regulations.

WhatsApp is in advanced talks with several digital payments firms including ride hailer Go-Jek, mobile payments firm DANA, backed by China’s Ant Financial, and fintech startup OVO, which is owned by Indonesian conglomerate Lippo Group and is also backed by ride hailing company Grab, the sources said.

Deals with the three firms are expected to be finalised shortly, the people said, declining to be named as the talks are private.

WhatsApp has also approached state-owned Bank Mandiri (BMRI.JK), which operates a digital wallet, they said.

The Indonesia plan comes after Facebook CEO Mark Zuckerberg announced earlier this year that it would be rolling out WhatsApp payments to “some countries”.

“As Mark has said earlier this year… we are looking to bring digital payments to more countries,” a Facebook spokeswoman told Reuters.

“WhatsApp is in conversations with financial partners in Indonesia about payments, however the discussions are in early stages and we do not have anything further to share at this stage.”

Go-Jek declined to comment. DANA, OVO and Bank Mandiri did not immediately respond to requests for comments.

A spokeswoman for the Mandiri-backed e-wallet LinkAja said she could not confirm any talks with WhatsApp.

EPAM Joins Blockchain in Transport Alliance, the World’s Largest Commercial Blockchain Association 10287

EPAM Systems, Inc., a leading global provider of digital platform engineering and software development services, today announced that it has joined the Blockchain in Transport Alliance (BiTA). BiTA is the largest commercial blockchain alliance in the world and develops blockchain best practices and standards in the transportation, logistics and supply chain industry. As one of BiTA’s member organizations, EPAM will leverage its software engineering expertise to help the alliance drive standards and enable blockchain technology adoption.

“With all the buzz and hype in the market, some companies assume that blockchain is the ultimate be-all, end-all solution for any business challenge. At EPAM, we’re working closely with our customers to help them truly understand how they can utilize distributed ledger technology, in combination with our other solution offerings, to increase efficiency and unlock new business models,” said Jitin Agarwal, VP, Enterprise Products, EPAM. “With over 25 years of software engineering expertise, we’ve helped our customers through each wave of technology change, and we’re excited to work with BiTA and other industry partners to help our clients navigate this emerging technology and realize the real business benefits of blockchain.”

EPAM has identified 21 blockchain use cases across six industries, including agriculture, consumer packaged goods, manufacturing and retail, insurance, healthcare, life sciences and transportation and logistics. With over 30 engagements and 15 working prototypes, EPAM helps its customers create enterprise blockchain solutions from scratch and integrate enterprise IT ecosystems to external blockchains, resulting in increased traceability and greater customer trust and engagement.

“On behalf of the members of BiTA, I welcome EPAM Systems to the Alliance,” said BiTA President Patrick Duffy. “EPAM’s real-world blockchain expertise will be valuable as the organization moves forward in its development of additional standards for the global transportation marketplace.”

Digix partners with UK-based Visa Debit Card Provider, Monolith, and international blockchain organization, MakerDAO, to expand its e-payment solution 10360

Monolith

London-based Monolith announces its partnership with international asset-based Decentralised Finance (DeFi) companies Digix and MakerDAO, to make their tokens loadable on the Monolith Visa debit card.

Taking Decentralised Finance mainstream with Monolith’s Visa debit card

As part of driving the everyday adoption of digital currencies in e-payments, the Monolith team is partnering with international blockchain companies MakerDAO and Digix to bring their respective digital currencies to the Monolith Platform.

Starting from the 15th of August 2019, users who sign up for Monolith will also be able to load their Monolith Visa debit cards with MakerDAO and Digix’s digital currencies through the Monolith mobile app. These currencies can be used for everyday transactions such as paying bills, purchasing goods or even to send and receive money.

Digix is the world’s first smart-asset company using blockchain that accounts for the authentication and provenance of 99.99% investment-grade gold bullions. Every DGX token represents 1 gram of gold that is stored in accredited precious metals vaults in Singapore and Canada. Retail investors holding DGX tokens can exchange their token back at Digix to redeem the physical investment-grade gold bullion.

To mark their partnership with Monolith, Digix is offering the first 1,000 users who activate their Monolith Card 0.1g of Gold in DGX tokens credited to their Monolith Wallet.

Raising the growth and applicability of Decentralised Finance internationally

The decentralized finance space has seen greater attention in 2019 with larger institutions seeing the potential for blockchain in payment processing. Monolith’s announcement comes at a time where prominent institutions such as Visa, J.P Morgan Chase, and Facebook have delved into blockchain-based projects of their own.

Through the Monolith platform and debit card which allows for usage anywhere that accepts Visa, European and London-based retail investors of Digix’s digital assets can now use DGX tokens for everyday purchases. With the credence of connecting with anywhere that accepts Visa, more blockchain-based companies like Digix can integrate their e-payment options to better serve everyday consumers.

“We’re thrilled to have had a fantastic response from our beta users and are now ramping up for growth. Rebranding to Monolith helps us achieve our mission of democratizing finance and bringing the Token economy to everyone while providing a unique service to our customers,” Mel Gelderman, CEO of Monolith said.

“MakerDAO and Digix are some of the most well-recognized and earliest Ethereum-based projects. For TKN holders, these partnerships mean that DAI, DGD, and DGX are now eligible for usage in the TKN Asset Contract. We’re thrilled to offer them on Monolith, and see this as the start of bringing many more quality tokens into the Monolith ecosystem. Watch this space.” he added.

Monolith’s solution provides a powerful way for token holders to extend the usefulness of their crypto-holdings,” said Rune Christensen, CEO, and Cofounder of MakerDAO. “Their cards create a critical bridge from the world of DeFi to the more traditional world of retail.

“Monolith is a pioneer in the space of cryptocurrency cards. This partnership is driven by a common mission with Monolith to democratize access to cryptos to the majority, and increase the utility of blockchain assets, allowing blockchain assets to permeate into everyone’s daily lives.” Kai C. Chng, CEO of Digix said.


About Monolith

Monolith is a London-based banking alternative powered by Ethereum. Established in 2016, Monolith aims to bring the Ethereum economy to the real world.

Available on the App Store (iOS with Android to come), Monolith allows you to securely store ETH and ERC-20 tokens in your own decentralized Contract Wallet. You can then exchange them to fiat and preload them to your Monolith Visa debit card.

The Monolith token, TKN, gives community members a chance to share in the success of the Monolith card and is backed by a basket of Ethereum tokens that people use to pay for everyday purchases.

Find out more at https://monolith.xyz/

Kelly Services Enters Public Blockchain Arena, Partners With Online Hiring Platform 11127

Stablecoins

An increasing number of mainstream giants have taken the plunge into the blockchain world over the past two years. Players such as Walmart and Facebook have shown interest in the technology to improve areas like supply chain and value transfer. Staffing giant Kelly Services has joined online hiring platform Moonlighting to bring blockchain to human capital.

Kelly has announced “a strategic partnership between Kelly Services and Moonlighting,” John Healy, vice president and managing director for the Office of the Future of Work, “an organization within Kelly [Services],” said to me in an interview.

“Kelly’s innovation fund and our Office of the Future of Work, together, are coming together with Jeff [Tennery] and Moonlighting to form this,” Healy said. “A big part of it is the aspect that Moonlighting has made a commitment to using blockchain as a foundation for what they’re doing with their platform as they move forward,” he added. “We think that [there are] some pretty significant market opportunities that are going to come as a result of that.” The Moonlighting platform is based on EOSIO’s public blockchain, with no crypto asset involved, Moonlighting CEO and founder Jeff Tennery clarified to me in an email.

In the hiring world, job seeking and freelancing can be difficult and redundant in the sense that such parties may need to upload their skills, profiles and information to many different platforms and websites in an attempt to gain job exposure. This can be time consuming. Blockchain may hold the keys to smoothing out the process, as well as adding elements of decentralization and security to the mix.

Varonis Uncovers New Malware Strains and a Mysterious Web Shell During a Monero Cryptojacking Investigation 10678

 

The Varonis Security Research team recently investigated an ongoing cryptomining infection that had spread to nearly every device at a mid-size company. Analysis of the collected malware samples revealed a new variant, which the team dubbed “Norman” that uses various techniques to hide and avoid discovery. We also discovered an interactive web shell that may be related to the mining operators.

Research Overview

  • We found a large-scale infection of cryptominers; almost every server and workstation in the company was infected.
  • Since the initial infection, which took place over a year ago, the number of variants and infected devices grew.
  • Norman employs evasion techniques to hide from analysis and avoid discovery.
  • Most of the malware variants relied on DuckDNS (a free, Dynamic DNS service). Some needed it for command and control (C&C) communications, while others used it to pull configuration settings or to send updates.
  • Norman is an XMRig-based cryptominer, a high-performance miner for Monero cryptocurrency.
  • We have no conclusive evidence that connects the cryptominers to the interactive PHP Shell. However, we have strong reason to believe they originate from the same threat actor. We make a case whether they may or may not be connected.
  • We provide tips for defending against remote web shells and cryptominers.

The Investigation

The investigation began during an evaluation of our Data Security Platform, which quickly raised several suspicious network-related alerts for abnormal web activity alongside correlated abnormal file activities. The customer quickly realized the devices flagged by the Varonis platform belonged to the same users who had reported recent unstable applications and network slowdowns.

Varonis’ Forensics team manually investigated the customer’s environment, hopping from infected station to station based on the alerts generated by Varonis. Varonis’ Incident Response team implemented a custom rule in DatAlert to detect machines that were actively mining and quickly contained the incident. The team forwarded malware samples to our Forensics and Research teams, which determined that additional investigation was needed.

Infected hosts were easily detected by their use of DuckDNS, a dynamic DNS service that allows its users to create custom domain names. As stated above, most of the malware from this case relied on DuckDNS for command and control (C&C) communications, to pull configuration settings or send updates.

Almost every server and workstation was infected with malware. Most were generic variants of cryptominers. Some were password dumping tools, some were hidden PHP shells, and some had been present for several years.

We delivered our findings to the customer, removed the malware from their environment, and the infection stopped.

Out of all the cryptominer samples that we found, one stood out. We named it “Norman.”

The Changing World of Payments 11484

Payments

The payments industry is evolving at pace. In Digital Payment Services we are helping to shape those changes, allowing us to transform our services and deliver the best for our users. Often when we talk about payments, people automatically think of CPS, our Central Payment System, however our payments estate is much more extensive and complex than that. That means any new changes will be felt across our payments ecosystem that provides services for our 20 million customers.

Design thinking

The way the industry is changing has not only influenced our design thinking, but has also challenged our understanding of the needs and demands the next 5-10 years could bring, as well as the known challenges and pain points.

A key principle of design thinking is to challenge our mind-set and put the users and their experiences front and centre. Before shaping the future, we need to consider the influencers and disruptors that could have direct and indirect implications. Some of the disruptors we’re watching are Blockchain and Distributed Ledger Technologies. Other important influencers include socio-economic changes, such as an aging population increasing demand on our services. We’re also looking at the introduction of open banking, which is aiming to create more competition in the payments industry by opening up and standardising banking data.

An important conclusion of our design thinking is that although we must change and develop new services, we need to protect the core services that our users rely on.

Changing trends

Some of the trends that we’ll be watching as we transform our payment services include:

  • New Payments Architecture – this will introduce the biggest set of changes to the way UK payment schemes process payments in years. Forecasted to start implementation in 2021, a common payment message standard will be introduced, the existing schemes will be consolidated and new overlay services, such as Request to Pay and Confirmation of Payee, will be available.
  • Open Banking – this is now starting to reshape financial services at pace, enabling new business models and products.
  • Distributed Ledger Technologies – we are starting to see the first full production implementations, such as Santander’s One Pay FX. The benefits include reducing time, cost and failure rate associated with making transactions whilst data is stored on a secure immutable ledger.

I’m keen for us to consider how we can harness the payment innovations coming out of these trends and how we can influence the New Payment Architecture to help shape future of payments across government.

Successes so far

Payments are core to our service and are critical to help people live better lives.

We’ve already achieved a lot: we’ve insourced some services, migrated the hosting of our core payments system from external suppliers to on premises hosting and now manage and evolve our payments systems within the department. We have delivered some fairly significant change: introduced a new Faster Payment solution allowing for near real-time payments. And we have migrated our banking services to the new Government Banking Services.

As we move our Payment Services forward they need to be efficient, modern, fast, scalable, flexible, innovative and available 24/7. To do this we’re building a team of incredible people and skills. But most importantly, we’re continuing to ensure our customers receive their payments on time.