{
  "title": "The Rise of Payment and Contracting Platforms",
  "publication": "Fintech Notes, June 19, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/fintech-notes/issues/2023/06/16/the-rise-of-payment-and-contracting-platforms-534794",
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  "summary": "This Note explores the design and governance of platforms to enhance cross-border payments in line with public policy goals.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- This Note explores the design and governance of platforms to enhance cross-border payments in line with public policy goals.\n- 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.\n- Cross-border payments present the foundation for the global financial system, and its functioning is overseen by the IMF."
    },
    {
      "heading": "Subject Areas and Keywords",
      "content": "- 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\n- 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"
    },
    {
      "heading": "Core Focus and Framing",
      "content": "- Design and governance of platforms as mechanisms to enhance cross-border payments.\n- Alignment of platform design with public policy objectives under the IMF’s mandate.\n- Emphasis on systemic importance: cross-border payments as the foundation for the global financial system and subject to IMF oversight.\n\nIMF Fintech Notes — \"The Rise of Payment and Contracting Platforms\", June 19, 2023.\n\n---\n\n Content in this bundle\n\n- The Rise of Payment and Contracting Platforms\n  - The Rise of Payment and Contracting Platforms (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Rise of Payment and Contracting Platforms (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fintech-notes/issues/2023/06/16/the-rise-of-payment-and-contracting-platforms-534794"
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    "Authors: Tobias Adrian, Tommaso Mancini-Griffoli",
    "Published: June 19, 2023",
    "Series: Fintech Notes",
    "DOI: https://doi.org/10.5089/9798400245749.063",
    "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: 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",
    "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.",
    "**The Rise of Payment and Contracting Platforms**"
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