The Rise of Payment and Contracting Platforms

Author: Mr. Tobias Adrian and Mr. Tommaso Mancini Griffoli

This Note explores the design and governance of platforms to enhance cross-border payments in line with public policy goals.

Volume/Issue: Volume 2023 Issue 005

Publication date: June 2023

ISBN: 9798400245749

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Economics / General , cross-border payments , platforms , central bank digital currencies , digital money , foreign exchange , settlement , programmability encryption , cross-border payment , note 2023/005 , anatomy of payment , XC platform , platform operator , International reserves , Information and data management , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Global

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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. 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.