Frank Elderson, an executive director at The Netherlands Bank, believes that payments transfers are "on the brink of numerous innovations" across the globe.

Elderson told an audience at the ministry of finance that the Dutch national forum on the payment system, which he chairs, is working on a plan to "speed-up" payments transfers, which it will present in November.

"I'm already looking forward to it, as this plan may even spark real-time payment transfers," he said. "This will in fact also