The Rise of Payment and Contracting Platforms
Fintech Notes, June 19, 2023
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- The Rise of Payment and Contracting Platforms
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Bibliographic details
- Authors: Tobias Adrian, Tommaso Mancini-Griffoli
- Published: June 19, 2023
- Series: Fintech Notes
- DOI: https://doi.org/10.5089/9798400245749.063
Summary
- This Note explores the design and governance of platforms to enhance cross-border payments in line with public policy goals.
- While much innovation in recent years has more narrowly targeted end-user frictions, the vision in this paper is based on the mandate of the IMF, governed by the central banks and finance ministries of 190 member countries.
- Cross-border payments present the foundation for the global financial system, and its functioning is overseen by the IMF.
Subject Areas and Keywords
- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT); Central Bank digital currencies; Central Banks; Crime; Economic sectors; Financial crises; Foreign exchange; Information and data management; International reserves; Technology
- Keywords: anatomy of payment; Anti-money laundering and combating the financing of terrorism (AML/CFT); central bank digital currencies; cross-border payment; cross-border payments; digital money; foreign exchange; Global; Information and data management; International reserves; note 2023/005; platform operator; platforms; programmability encryption; settlement; XC platform
Core Focus and Framing
- Design and governance of platforms as mechanisms to enhance cross-border payments.
- Alignment of platform design with public policy objectives under the IMF’s mandate.
- Emphasis on systemic importance: cross-border payments as the foundation for the global financial system and subject to IMF oversight.
IMF Fintech Notes — "The Rise of Payment and Contracting Platforms", June 19, 2023.
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- The Rise of Payment and Contracting Platforms