Global payment systems are the collective infrastructures, rules, and participants that allow for the transfer of value internationally. These systems include a diverse array of mechanisms, from traditional wire transfers to newer digital payment networks. They support commerce, remittances, and financial operations across different jurisdictions. The aim is to ensure the smooth and secure movement of funds worldwide.
Context
The landscape of global payment systems is undergoing significant transformation, driven by technological innovation and the emergence of digital assets. Central banks and private entities are exploring how distributed ledger technology can enhance speed and reduce costs in cross-border payments. Regulatory bodies are working to establish common standards and oversight for these evolving systems. The efficiency and inclusivity of these systems are major policy considerations.
The pilot leverages programmable commercial bank money on DLT to enable compliant, 24/7 interbank settlement, drastically cutting counterparty risk and operational latency for wholesale finance.
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