Wholesale payments and settlement systems in G-10 countries have undergone significant change in recent years. Notably, central banks have sought to increase the safety and reliability of these systems. The author describes two approaches that have been pursued. Significant progress has been achieved in strengthening (or “securing”) many existing payments system arrangements based on net settlement. In addition, many new gross settlement systems have been created, and existing ones have been improved. The article also explores why private-sector financial institutions often prefer to upgrade and secure existing net settlement systems rather than moving to gross settlement systems, despite central bank preferences for the latter.