The Payments System Board yesterday provided a few pointers on the themes that it has in mind for the "strategic review" of payments announced two months ago.Of the five dot points published in a 300 word announcement three mention "gaps" or "potential gaps" while two mention "innovation", or more pointedly the "lacking [of] innovation". The preamble refers to similar themes.There is also reference to "difficulties with cooperation".The guidance on the review's objective does not raise wider aspects of the structure of the banking industry, and the relevance of this to innovation in payments and banking generally.Earlier reviews, such as the influential joint study into card systems published in 2000 by the Reserve Bank of Australia and Australian Competition and Consumer Commission, left this topic unaddressed. That study did, however, lead to the present regulatory arrangements that control interchange fees and access in debit, credit card and ATM networks.There is some chatter in the industry that one theme of the PSB review will be to set the scene for the overhaul of the quarter century old system of bilateral links that underpins most present arrangements in consumer and business payments; in other words, a move to a central switch.This is only speculation, and any reformist moves will need a lot of leadership and well developed business cases.The PSB said it is now seeking industry comment. The board has said it anticipates releasing a consultation document by mid next year and finalising its conclusions by the end of 2011.