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Fintech and the digital transformation of financial services: implications for market structure and public policy

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Interoperability between payment systems across borders

by Codruta Boar, Stijn Claessens, Anneke Kosse, Ross Leckow and Tara Rice Interoperability among payment systems – as the foundation for enhancing cross-border payments – requires technical, semantic and business system compatibility so that end users can seamlessly transact with each other across systems. Public and private sector options in pursuing cross-border payment system interoperability can be illustrated using...
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Project Jura – Cross-border settlement using wholesale CBDC

Jura explores the direct transfer of euro and Swiss franc wholesale central bank digital currencies (wCBDCs) between French and Swiss commercial banks on a single DLT platform operated by a third party. Tokenised asset and foreign exchange trades are settled safely and efficiently using payment versus payment (PvP) and delivery versus payment (DvP) mechanisms. The experiment is conducted in...

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Fintech and the digital transformation of financial services: implications for market structure and public policy

Economic frictions such as information asymmetries and economic forces such as economies of scale and scope give rise to financial intermediaries. These frictions and