Definition ∞ Wholesale payment systems are interbank settlement mechanisms designed for high-value, high-volume transactions between financial institutions. These systems facilitate large-scale transfers of funds, often in real-time or near real-time, forming the backbone of national and international financial markets. Central banks typically operate or oversee these critical financial infrastructures. These systems are essential for global economic function.
Context ∞ The ongoing modernization of wholesale payment systems frequently involves exploring the potential of blockchain technology and central bank digital currencies (CBDCs) to enhance efficiency and reduce settlement risk. Discussions often center on the security, scalability, and interoperability of these new digital infrastructures. Many central banks are conducting pilot programs to assess the viability of DLT-based wholesale payment solutions, signaling a significant shift in financial technology.
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