Exploring Multilateral Platforms for Cross-Border Payments
Exploring Multilateral Platforms for Cross-Border Payments

Author: Bank of International

Publisher: International Monetary Fund

Published: 2023-01-18

Total Pages: 33

ISBN-13:

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This report provides an assessment of whether and how multilateral platforms could bring meaningful improvements to the cross-border payments ecosystem. It was written by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) in collaboration with the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank.1 The report analyses the potential costs and benefits of these platforms and how they might alleviate some of the cross-border payment frictions. It also evaluates the risks, barriers and challenges to establishing multilateral platforms and explores two paths for their evolution. The analysis is based on a stocktake, conducted by the CPMI, of existing and potential multilateral platforms as well as bilateral discussions with existing platform operators.

Distributed Ledger Technology Experiments in Payments and Settlements
Distributed Ledger Technology Experiments in Payments and Settlements

Author: Mr.Ghiath Shabsigh

Publisher: International Monetary Fund

Published: 2020-06-24

Total Pages: 22

ISBN-13: 1513536338

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Major transformations in payment and settlements have occurred in generations. The first generation was paper-based. Delivery times for payment instruments took several days domestically and weeks internationally. The second generation involved computerization with batch processing. Links between payment systems were made through manual or file-based interfaces. The change-over period between technologies was long and still some paper-based instruments like checks and cash remain in use. The third generation, which has been emerging, involves electronic and mobile payment schemes that enable integrated, immediate, and end-to-end payment and settlement transfers. For example, real-time gross settlement systems have been available in almost all countries. DLT has been viewed as a potential platform for the next generation of payment systems, enhancing the integration and the reconciliation of settlement accounts and their ledgers. So far, experiments with DLT experimentations point to the potential for financial infrastructures to move towards real-time settlement, flatter structures, continuous operations, and global reach. Testing in large-value payments and securities settlement systems have partly demonstrated the technical feasibility of DLT for this new environment. The projects examined analyzed issues associated with operational capacity, resiliency, liquidity savings, settlement finality, and privacy. DLT-based solutions can also facilitate delivery versus payment of securities, payment versus payment of foreign exchange transactions, and efficient cross-border payments.

The Rise of Public and Private Digital Money
The Rise of Public and Private Digital Money

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2021-07-29

Total Pages: 33

ISBN-13: 1513592033

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Following the companion paper on the new policy challenges related to the adoption of digital forms of money, this paper presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability. The paper begins by summarizing the forces driving the adoption of digital forms of money, and the new policy questions that emerge. It then focusses on how the IMF’s core activities and output will need to evolve, including surveillance, capacity development, and analytical foundations. It ends by discusses how the IMF intends to partner with other organization, and to grow and structure internal resources to fulfill this vision.

IMF and World Bank Approach to Cross-Border Payments Technical Assistance
IMF and World Bank Approach to Cross-Border Payments Technical Assistance

Author: International Monetary Fund. Monetary and Capital Markets Department

Publisher: International Monetary Fund

Published: 2023-12-22

Total Pages: 45

ISBN-13:

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The G20 had made enhancing cross-border payments a priority. Faster, cheaper, more transparent and more inclusive cross-border payment services have the potential to be transformative for citizens and economies across the world. The Roadmap for Enhancing Cross-Border Payments, launched in 2020, is the first attempt by the international community to address the challenges faced by cross-border payments in a holistic way. A key foundational element in the Roadmap was the publication by the FSB of 11 quantitative targets to define the Roadmap’s aims and create accountability. Technical Assistance (TA) plays a critical role in helping achieve the Roadmap targets. TA relates closely to, and builds on, the IMF’s and World Bank’s respective missions. This paper outlines a multi-year strategy to provide TA in order to meet the cross-border payments targets. The paper (1) details the important role TA plays in achieving the Roadmap targets; (2) summarizes stocktakes conducted by the IMF and World Bank of recent and ongoing TA supporting cross-border payments; and (3) explains the IMF’s and World Bank’s approaches to cross-border payments TA. The IMF and World Bank commit to collaborating, coordinating, and complementing each other on cross-border payments TA wherever possible and appropriate at country/project level.

Cross-Border Payments Integration in Latin America and the Caribbean
Cross-Border Payments Integration in Latin America and the Caribbean

Author: Dimitris Drakopoulos

Publisher: International Monetary Fund

Published: 2024-06-14

Total Pages: 27

ISBN-13:

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Cross-border payment inefficiencies are a significant barrier to trade both within Latin America and the Caribbean (LAC) and between LAC and other regions. This paper provides a comprehensive review of historical efforts undertaken by various countries within the LAC region to address these challenges. We also explore the potential of recent financial innovations, such as digital currencies and blockchain technology, to enhance cross-border payments. While new technologies do not substitute for prudent and credible macroeconomic policies, leveraging these technologies can help LAC countries reduce transaction costs and times, thus enhancing economic efficiency and fostering deeper regional and global trade relationships.

Beyond Access
Beyond Access

Author: Morten Walløe Tvedt

Publisher: IUCN

Published: 2007

Total Pages: 172

ISBN-13: 2831709806

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Fewer than 11% of CBD Parties have adopted substantive ABS law, and nearly all of these are developing countries, focusing almost entirely on the 'access' side of the equation. Most of the CBD's specific ABS obligations, however, relate to the other side of the equation-benefit sharing. This book considers the full range of ABS obligations, and how existing tools in user countries' national law can be used to achieve the CBD's third objective. It examines the laws of those user countries which have either declared that their ABS obligations are satisfied by existing national law, or have begun legislative development; the requirements, weaknesses and gaps in achieving benefit-sharing objectives; and the ways in which new or existing legal tools can be applied to these requirements.

Cross-Border Bank Resolution - Recent Developments
Cross-Border Bank Resolution - Recent Developments

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-02-06

Total Pages: 41

ISBN-13: 1498343287

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Developing an effective framework for cross-border resolution is a key priority in international regulatory reform. Large bank failures during the global financial crisis brought home the lack of adequate tools for resolving “too-big-to-fail” institutions. In cross-border cases, misaligned incentives and lack of robust mechanisms for resolution and cross-border cooperation left some country authorities with little choice but to take unilateral actions, which contributed to the high fiscal costs of the crisis and resulted in disorderly resolution in some cases

The Payment System
The Payment System

Author: Tom Kokkola

Publisher:

Published: 2010

Total Pages: 369

ISBN-13: 9789289906333

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"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).