There are also those in the wings with another product to flog: a foreign-exchange derivative which, because it is a bet settled for cash, also reduces Herstatt risk.
On the other hand, when Germany's Herstatt Bank failed to meet its international payment obligations in the mid-1970s, that event caused a serious globalized payment-system crisis -- even though Herstatt itself would not have been on anyone's list of major financial institutions at the time.