The Rise of Payment and Contracting Platforms

This Note explores the design and governance of platforms to enhance cross-border payments in line with public policy goals.
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Volume/Issue: Volume 2023 Issue 005
Publication date: June 2023
ISBN: 9798400245749
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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.