Title page
FINTECH NOTE
The Rise of Payment and Contracting Platforms
Prepared by Tobias Adrian and Tommaso Mancini-Griffoli
June 2023
Copyright Page
©2023 International Monetary Fund
The Rise of Payment and Contracting Platforms
Note 2023/005
Prepared by Tobias Adrian and Tommaso Mancini-Griffoli 1
DISCLAIMER: Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
RECOMMENDED CITATION: Adrian, Tobias and Tommaso Mancini-Griffoli 2023. “The Rise of Payment and Contracting Platforms” IMF Fintech Note 2023/005, International Monetary Fund, Washington, DC.
| ISBN: | 979-8-40024-574-9 (Paper)
979-8-40024-577-0 (ePub) 979-8-40024-580-0 (PDF) |
| JEL Classification Numbers: | F3, G2, O3 |
| Keywords: | cross-border payments; platforms; central bank digital currencies; digital money; foreign exchange; settlement; programmability encryption |
| Authors’ email addresses: | tadrian@imf.org and tmancinigriffoli@imf.org |
Contents
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Glossary
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Introduction
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I. Interoperability and the Anatomy of Payments, from Domestic to Cross-Border
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II. XC Platforms
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III. Domestic CBDC Platforms
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Conclusion
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References
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FIGURES
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Figure 1: Cross-Border Payments Via Correspondent Banking
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Figure 2: A Simple Cross-Border Payment Via the XC Platform
Glossary
| AML/CFT |
anti–money laundering/combatting the financing of terrorism |
| CBDC |
central bank digital currency |
| CFMs |
capital flow management measures |
| PvP |
payment versus payments |
| XC |
exchange and contracting |