as descripted in 3.2.4.1.1(6). Since the standard of ISO20022 may change, update of message format after external design phase will be considered by CBM, and the status of the update will be noticed to FIs. In particular, CBM is required to watch and grasp the update of ISO20022 continuously, and if it is upgraded, CBM will decide to or not to follow the upgrade and modify the message format of CBM-NET by considering the needs of FIs. Then, CBM will upgrade CBM-NET with caring about the impact to each function of CBM-NET. 3.2.4.1.3 Liquidity Saving Features and Message Queuing (1) System Function (A) Overview of liquidity saving features and message queuing Liquidity saving features (LSF) allow participant FIs to settle interbank payment instructions with less settlement liquidity. Most developed countries have already introduced pure RTGS systems as well as RTGS with LSF systems (called hybrid systems). Central banking systems have gradually progressed from the DTNS (Designated Time Net Settlement) system to a pure RTGS system; currently, the hybrid system is deemed the international standard (EU: Target 2, UK: CHAPS, Singapore: MEPS+, Korea: BOKWire, and Japan: BOJ-NET). Liquidity saving features consist of event driven bilateral offsetting (BLOS) and time driven multilateral offsetting (MLOS). BLOS and MLOS can settle with less liquidity; therefore, these offsetting mechanisms strongly contribute to the settlement progress compared to the pure RTGS mechanism. (B) LSF transactions Transactions with LSF mode are composed of interbank funds transfer (hereinafter “bank transfer”) and customer credit transfer (hereinafter “customer transfer”), and these types of transactions are mainly not urgent and suited for a queue or offsetting algorithm. However, urgent payment instructions can be selected and processed by RTGS mode with intra-day O/D facility. (C) Account structure All types of transactions, including LSF transactions, are settled in RTGS a/c (= 33