Large Value (Wholesale) Payment and Settlement Systems around the Globe

Large Value (Wholesale) Payment and Settlement Systems around the Globe

 

LVPS are managed by the Central Banks.

LVPS are Systemically important financial market infrastructure and critical for smooth functioning of the national and International financial system.

The FEDWIRE is the LVPS in the USA.  TARGET2 is the LVPS in the European Monetary Union.  TARGET2 is a unique system  as it is a common LVPS among many nations in the EMU. CNAPS is the LVPS in China.  CLS System is unique as it is a global FX settlement system.

CIPS of China and CHIPS of USA are also LVPS but are used as offshore clearing and settlement system.

 

From Reducing risk and increasing resilience in RTGS payment systems

1.1 The benefits of RTGS

Real Time Gross Settlement (RTGS) is a clumsy term for a crucial process in the financial markets. This is the reduction of counterparty credit risk by the delivery of cash or the delivery of securities in exchange for cash, instantaneously and without the netting of the obligations outstanding between the parties. Since the 1980s, the central banks which operate payment market infrastructures (PMIs)1 around the world have gradually adopted RTGS for the settlement of high value payments (HVP). Their private sector equivalents which settle low value payments (LVP) are also gravitating towards RTGS. In RTGS settlement, credit risk is reduced because cash is transferred between banks continuously in real time, transaction by transaction. Every payment is settled finally and irrevocably in central bank money, obviating the need to settle obligations between banks in batches on a net basis.

1.2 What is an RTGS?

The role of a PMI is to provide predictable and secure multilateral payment services to banks and their corporate and retail clients, usually within a single country, but sometimes across several countries within a region. They tend to divide into two broad groups.

The first are HVP systems, which settle a relatively low volume of high value and high priority payments.

The second are LVP systems, which are also known as Retail Payment Systems (RPS), because they net relatively high volumes of low value and low priority payments.

There is a further distinction to be made between HVP systems. Not all HVP systems settle on a gross basis in real time (RTGS). Some settle on a net basis, in which case they are technically described as High Value Payment Deferred Net Settlement (HVP DNS) systems. This is because settlement of transactions does not take place instantaneously but is instead deferred until transactions can be aggregated into batches, and the sums owed by one bank to another netted into a single net payment, made either at the end of the business day or at regular intervals throughout the business day. The net settlement typically takes place in central bank money at the RTGS. LVP or RPS systems tend to net transactions in a fashion comparable with HVP DNS systems. Operated mainly by automated clearing houses (ACHs), they aggregate and net transactions between banks, and then settle net amounts between banks in central bank money at the RTGS either in a single payment at the end of the business day or in multiple payments made at regular intervals throughout the day. Although a variety of net settlement systems persist, more than half the PMIs in the world are now RTGS, and even net settlement systems ultimately settle in RTGS (see Chart 1).

It follows that RTGS systems are crucial to the settlement of both HVP, LVP and CSD transactions. In fact, the purpose of every RTGS is to provide final, irrevocable settlement of transactions in a specific currency, usually through the transfer of the reserves held by banks at the central bank. They act on payment instructions, and settle transaction by simultaneously debiting the account of the paying bank and crediting the account of the receiving bank. Reserves are a vital tool of monetary policy. They are the cash balances that banks are required to hold at central banks, both to limit the ability of banks to lend deposits without limit, and to guarantee the stability of the financial system by ensuring banks can always settle their obligations to each other. This makes RTGS an essential tool for every central bank in managing the stability of the financial system, because it is a means by which it can inject and withdraw liquidity (see Chart 2).

 

From Reducing risk and increasing resilience in RTGS payment systems

lvps5lvps6

 

From Reducing risk and increasing resilience in RTGS payment systems

History and Evolution of RTGS

Since they emerged in the late 1990s, RTGS systems have become the industry standard for settlement of high value payments. In 1985, only three countries in the world operated an RTGS system. By December 1999, when the Bank for International Settlements (BIS) published the first draft of what became the ten Core Principles for Systemically Important Payment Systems, the number had risen to 25 countries. After the publication of the final version of the Core Principles, the number of countries operating RTGS systems grew exponentially (see Chart 4). In July 2000, the final version of the BIS Core Principles paper declared, “there has been extensive progress in payment system design in the course of the past ten years, notably in the development and widespread adoption of systems involving real-time gross settlement (RTGS), which can very effectively address the financial risks highlighted by the Core Principles”.3 Today, the adoption of RTGS systems continues to grow, and has reached 124 systems supporting payments in 160 countries.4

 

Regional (Cross Border) RTGS

The fact that more countries enjoy the benefits of an RTGS system than there are RTGS systems in existence reflects the fact that several RTGS systems are used by more than one country. Obvious examples include the TARGET2 system operated by the European Central Bank (ECB) in the euro-zone, the shared platform operated by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) in west Africa, and the equivalent platform operated by the Banque des Etats de l’Afrique Centrale (BEAC) in central Africa.

 

Systemic Importance of RTGS

As RTGS systems are adopted by more countries, their systemic importance is increasing. Cross-border transactions mean domestic RTGS systems are also becoming part of a global network of RTGS systems, which in turn links the capital market infrastructures of each country with the capital infrastructures of every country. Domestic PMIs, CSDs and banks are now all part of a complex international eco-system.

In some parts of the world, such as the European Union and west and central Africa, RTGS systems are now formally operating on a regional basis (see Table 1). Some of these regional systems operate from a single shared RTGS platform, while others link a number of separate RTGS platforms. In these regions, it is obvious that the failure of an RTGS system can no longer be confined to one country only. But the same is true of RTGS systems everywhere. They are systemically important, and on a global scale.

 

From Global Trends in Large-Value Payments

Global Trends in LVPS

Globalization and technological innovation are two of the most pervasive forces affecting the financial system and its infrastructure. Perhaps nowhere are these trends more apparent than in the internationalization and automation of payments. The evolving landscape is most obvious in retail payments. The use of paper checks is in rapid decline or has been eliminated in most of the industrialized world. Credit and debit cards can be used in the most surprising places. Internet banking with money transfer capabilities is common, and several providers are competing to service consumers’ payments over the Internet and mobile devices.

In wholesale, or interbank, payments, the effect of globalization and technological innovation is probably less obvious to the casual observer—but it has been equally impressive. Given the importance of payments and settlement systems to the smooth operation as well as resiliency of the financial system, stakeholders need to understand and assess the potential consequences of this evolution. This article offers an in-depth look at the current environment for large-value payments systems (LVPSs). We describe ten trends common to LVPSs around the world and identify the key drivers of these developments and the most important policy issues facing central banks (see box). Furthermore, we provide empirical support for each of the trends by using numerous publicly available sources, including Bank for International Settlements (BIS) statistics on payments and settlement systems in selected countries (the “Red Book”). We focus on large-value payments systems in countries where the central bank is a member of the Committee on Payment and Settlement Systems (CPSS), a body under the auspices of the BIS (Appendix A).

Technological innovation, structural changes in banking, and the evolution of central bank policies are the three main reasons for the recent developments in large-value payments. First, technological innovation has created opportunities to make existing large-value payments systems safer and more efficient. Such innovation has also accommodated the industry’s growing need for new types of systems that are not limited to a single country or a currency. Second, the financial sector has experienced immense growth over the last few decades accompanied by changes in the role of individual firms and the products they offer. In addition, financial institutions and their services have become increasingly globalized. These structural changes have affected how participants use largevalue payments systems. Third, the role of central banks in large-value payments systems has changed significantly in recent years. Central banks have become more involved in payments systems and have created formal and systematic oversight functions. The main focus lies in promoting safety and efficiency in LVPSs and in maintaining overall financial stability. Central banks therefore have taken more active roles in monitoring existing and planned systems, in assessing systems according to international standards, and, if necessary, in inducing change.

 

From Global Trends in Large-Value Payments

lvps4

From Global Trends in Large-Value Payments

As the box illustrates, the ten trends that we describe can be assigned to three key drivers.

The first four trends

  • the diffusion of real-time gross settlement (RTGS) systems,
  • the take-off of hybrid systems,
  • the emergence of cross-border and offshore systems,
  • and the rise of Continuous Linked Settlement (CLS) Bank

are all associated with settlement technology and fall into the first category. Technological innovation has enabled new settlement methodologies to emerge that allow a better balance between settlement risks, immediacy, and liquidity requirements. RTGS systems have to a large extent replaced deferred net settlement (DNS) systems. However, the high liquidity needs associated with RTGS have led some system operators to explore liquidity-saving mechanisms and have motivated them to develop hybrid systems. Developments in payments system technology have also facilitated the emergence of systems that settle payments across national borders in one or more currencies. In addition, the clearing of payments is in some instances moving offshore and the ability of participants to connect remotely—eliminating the need for a physical “footprint” in the jurisdiction of LVPSs—is becoming more widespread. Foreign exchange (FX) settlement and counterparty risk are being managed more tightly in part because of the use of payment-versus-payment (PvP) mechanisms.1 CLS Bank operates a multicurrency payments system for the simultaneous settlement of both sides of a foreign exchange transaction on a PvP basis. With CLS Bank, existing risks associated with FX trades are virtually eliminated.

The next three trends

  • increasing settlement values and volumes,
  • shrinking average payment sizes,
  • and falling numbers of system participants

as well as the emergence of crossborder and offshore systems (Trend 3) fall into the second category. They are determined largely by how the banking sector uses payments systems and by the structural changes taking place therein. The values and volumes originated over LVPSs grew exponentially until the turn of the century. However, in terms of value, growth has since slowed and is no longer outpacing economic growth as measured by GDP.  Because many LVPSs process a large amount of relatively low-value payments, the average payment size settled has shrunk. Hence, the dichotomy between small- and large-value payments systems is not always applicable. In addition, consolidation in the banking sector has led to fewer participants in LVPSs. Structural changes have also resulted in the emergence of global banks that require a global payment infrastructure, which in turn has led to the creation of new systems that accommodate these needs.

The last three trends and the rise of CLS Bank (Trend 4) fall into the third category. They are associated with central banks’ operating policies regarding LVPSs. The service level of all systems is improving with longer operating hours. Some systems are even approaching a twenty-four-hour settlement cycle. Transaction costs in various LVPSs have been falling since the late 1990s because the savings achieved through improvements in operating efficiency have been passed on to system participants in the form of lower fees. Through the adoption of common standards, such as the CPSS’ Core Principles for Systemically Important Payments Systems, risk management in LVPSs has become more standardized. Furthermore, the central bank community was the driving force behind the development of CLS Bank.

 

These networks are also known as High Value payment (HVPS) networks.

 

List of LVPS Systems in some countries

UK

  • CHAPS Sterling
  • CHAPS Euro

Canada

  • LVTS

China

  • CIPS
  • CNAPS

India

  • RTGS

EU

  • TARGET2
  • EURO1

USA

  • CHIPS
  • FEDWIRE

International Foreign Exchange FX Networks

  • CLS

 

From Global Trends in Large-Value Payments

From  Clearing and Settlement Systems from Around the World: A Qualitative Analysis

lvpslvps3lvps2

 

From Cross-Border Inter-Bank Payments System/Wikipedia

China’s Cross-border Inter-bank Payment System (CIPS)

The Cross-Border Interbank Payment System (CIPS) is a payment system which, offers clearing and settlement services for its participants’ in cross-border RMB payments and trade. It is a significant financial market infrastructure in China. As planned, CIPS will be developed in two phases. On 8th October 2015, CIPS (Phase I) went live. The first batch of direct participants includes 19 Chinese and foreign banks which were set up in mainland China and 176 indirect participants which cover 6 continents and 47 countries and regions. On 25th March 2016, CIPS signed an MoU with SWIFT with mu- tual understanding of deploying SWIFT as a secure, effi- cient and reliable communication channel for CIPS’s con- nection with SWIFT’s members, which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment. CIPS is sometimes referred to as the China Interbank Pay- ment System.

CIPS would not facilitate funds transfer; rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

However, it was reported in July 2015 that CIPS would be ‘”watered down” and used only for cross-border yuan trade deals rather than including capital-related transac- tions, which would delay billions of dollars worth of trans- actions, including securities purchases and foreign direct investment, that would have gone through the system. It was reported to be a second setback to the plan to provide a unified network for settling deals in yuan after technical problems delayed its launch, and that other measures to open up China’s financial infrastructure have been dented by the 2015 Chinese stock market crash. It was said to now offer, at best, a complementary network for settling trade-related deals in the Chinese currency to a current patchwork of Chinese clearing banks around the world.[1]

 

From ECB Website

TARGET2 – Eurosystem Cross Border RTGS System

TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) is the real- time gross settlement (RTGS) system for the Eurozone, and is available to non-Eurozone countries. It was devel- oped by and is owned by the Eurosystem. TARGET2 is based on an integrated central technical infrastructure, called the Single Shared Platform (SSP).[1] SSP is operated by three providing central banks: France (Banque de France), Germany (Deutsche Bundesbank) and Italy (Banca d’Italia). TARGET2 started to replace TARGET in November 2007.

TARGET2 is also an interbank RTGS payment system for the clearing of cross-border transfers in the eurozone. Participants in the system are either direct or indirect. Di- rect participants hold an RTGS account and have access to real-time information and control tools. They are re- sponsible for all payments sent from or received on their accounts by themselves or any indirect participants op- erating through them. Indirect participation means that payment orders are always sent to and received from the system via a direct participant, with only the relevant di- rect participant having a legal relationship with the Eu- rosystem. Finally, bank branches and subsidiaries can choose to participate in TARGET2 as multi-addressee access or addressable BICs (Bank Identifier Code).

Since the establishment of the European Economic Community in 1958, there has been a progressive movement towards a more integrated European financial market. This movement has been marked by several events: In the field of payments, the most visible were the launch of the euro in 1999 and the cash changeover in the euro area countries in 2002. The establishment of the large-value central bank payment system TARGET was less visible, but also of great importance. It formed an integral part of the introduction of the euro and facilitated the rapid integration of the euro area money market.

The implementation of TARGET2 was based on a decision of the ECB Council of autumn 2002. TARGET2 started operations on 19 November 2007, when the first group of countries (Austria, Cyprus, Germany, Latvia, Lithuania, Luxembourg, Malta and Slovenia) migrated to the SSP. This first migration was successful and con- firmed the reliability of SSP. After this initial migration, TARGET2 already settled around 50% of overall traffic in terms of volume and 30% in terms of value.

On 18 February 2008, the second migration successfully migrated to TARGET2, comprising Belgium, Finland, France, Ireland, the Netherlands, Portugal and Spain.

On 19 May 2008, the final group migrated to TARGET2, comprising Denmark, Estonia, Greece, Italy, Poland and the ECB. The six-month migration process went smoothly and did not cause any operational disruptions.

Slovakia joined TARGET2 on 1 January 2009, Bulgaria joined in February 2010, and Romania joined on 4 July 2011.

A unique feature of TARGET2 is the fact that its payment services in euro are available across a geographical area which is larger than the euro area. National central banks which have not yet adopted the euro also have the option to participate in TARGET2 to facilitate the settlement of transactions in euro. When new Member States join the euro area the participation in TARGET2 becomes mandatory. The use of TARGET2 is mandatory for the settlement of any euro operations involving the Eurosystem.

As of February 2016, 25 central banks of the EU and their respective user communities are participating in, or connected to, TARGET2:

  • The 20 euro area central banks (including the ECB) and
  • five central banks from non-euro area countries: Bulgaria, Croatia, Denmark, Poland and Romania.

 

From ECB website

lvps8

 

From The Continuous Linked Settlement foreign exchange settlement system (CLS)

 

Continuous Linked Settlement (CLS)

Continuous Linked Settlement (CLS) is an international payment system which was launched in September 2002 for the settlement of foreign exchange transactions. In the conventional settlement of a foreign exchange transaction the exchange of the two currencies involved in the trade is not normally synchronous. For one party to the trade there is therefore a risk that it will transfer the currency it has sold without receiving from the counterparty the currency it has bought (settlement risk). Even if a bank’s risk position vis-à-vis a counterparty is short-term, it may be many times greater than its capital. With CLS, an infrastructure has been created which eliminates settlement risk by means of a payment-versus-payment (PvP)2 mechanism.

CLS has 59 direct participants and more than 6,000 indirect participants (as of October 2009), and in 2008 it settled on average around 546,000 instructions to a value of around USD 4 trillion a day.3 Because of the vast volume of transactions on the global foreign exchange market, with its risk-reducing settlement mechanism CLS makes a significant contribution to the stability of the global financial system. By now, around a half of all foreign exchange transactions in the world are settled via CLS.4 The Swiss franc was one of the currencies settled in CLS from the very start, together with the US dollar, the pound sterling, the Japanese yen, the Canadian dollar, the Australian dollar and the euro. By now, the number of currencies settled in CLS has expanded from seven to 17. The Danish krone, the Norwegian krone, the Singapore dollar and the Swedish krona joined in September 2003, followed by the Hong Kong dollar, the Korean won, the New Zealand dollar and the South African rand in December 2004. The last two currencies up to now, the Israeli shekel and the Mexican peso, joined in May 2008.

 

From CHIPS website

CHIPS

CHIPS is the largest private-sector U.S.-dollar funds-transfer system in the world, clearing and settling an average of $1.5 trillion in cross-border and domestic payments daily. It combines best of two types of payments systems: the liquidity efficiency of a netting system and the intraday finality of a RTGS.

The Clearing House Interbank Payments System (CHIPS®1) is a funds-transfer system that transmits and settles payment orders in U.S. dollars for some of the largest and most active banks in the world. On an average day, CHIPS transmits and settles over 430,000 “payment messages”2 worth an aggregate of $1.5 trillion. It has been estimated that CHIPS carries a very high percentage of all international interbank funds transfers that are denominated in U.S. dollars. For these reasons, CHIPS has been widely regarded as a systemically important payment system, and on July 18, 2012, FSOC designated The Clearing House Payments Company L.L.C. (), which owns and operates CHIPS, as a systemically important financial market utility (SIFMU) under Title VIII of the Dodd-Frank Act on the basis of its role as the operator of CHIPS.3

The Clearing House

The Clearing House11 was founded in 1853, and is the oldest, most innovative bank association and payments processor in the United States. Established to simplify the daily check exchanges in New York City, The Clearing House later became a pioneer in the emerging field of electronic funds transfers and continues to be a leader in the payments arena, operating in addition to CHIPS, an automated clearinghouse (ACH) known as EPN (Electronic Payments Network), and a check-image clearinghouse. PaymentsCo continues to pioneer in emerging areas of the payment system in its work to protect account credentials through tokenization12 and to design and build a new low-value real-time payment system13 for the United States.

CHIPS

CHIPS is a real-time system for transmitting and settling high-value U.S.-dollar payments among its participating banks. The Clearing House began operating CHIPS in 1970 to simplify and expedite interbank payments in New York City.

Backed by over 44 years of reliable operation, CHIPS serves 49 foreign and domestic banks,14 representing 21 countries, through a network of sending and receiving devices, which range from microcomputers to large-scale mainframe computers. CHIPS participants include U.S. commercial banks and foreign banks with offices in the United States.

 

 

 

Key Sources of Research:

 

Payment and settlement systems in selected countries

Prepared by the Committee on Payment and Settlement Systems of the Group of Ten Countries

April 2003

 

http://www.bis.org/cpmi/publ/d53.pdf

 

 

Payment, clearing and settlement systems in the CPSS countries

Volume 1

2011

 

http://www.bis.org/cpmi/publ/d97.pdf

 

 

Payment, clearing and settlement systems in the CPSS countries

Volume 2

November 2012

http://www.bis.org/cpmi/publ/d105.pdf

 

 

 

Payment, clearing and settlement systems in the United States

 

https://www.bis.org/cpmi/publ/d105_us.pdf

 

 

 

Payment, clearing and settlement systems in Japan

https://www.bis.org/cpmi/publ/d105_jp.pdf

 

 

 

Payment, clearing and settlement systems in the United Kingdom

 

https://www.bis.org/cpmi/publ/d105_uk.pdf

 

 

 

 

 

Payment, clearing and settlement systems in India

 

https://www.bis.org/cpmi/publ/d97_in.pdf

 

 

A Primer on Canada’s Large Value Transfer System

 

http://www.bankofcanada.ca/wp-content/uploads/2010/05/lvts_neville.pdf

 

 

 

Payment, clearing and settlement systems in Canada

 

https://www.bis.org/cpmi/publ/d97_ca.pdf

 

 

 

Global Trends in Large-Value Payments

Morten L. Bech, Christine Preisig, and Kimmo Soramäki

2008

 

https://www.newyorkfed.org/medialibrary/media/research/epr/08v14n2/0809prei.pdf

 

 

 

Reducing risk and increasing resilience in RTGS payment systems

SWIFT

2014

https://www.swift.com/node/4001

 

 

 

The Continuous Linked Settlement foreign exchange settlement system (CLS)

2009

http://www.snb.ch/en/mmr/reference/continuous_linked_settlement/source/continuous_linked_settlement.en.pdf

 

 

 

 

Overview of the U.S. Payments, Clearing and Settlement Landscape

2015

 

https://www.newyorkfed.org/medialibrary/media/banking/international/03.Overview-US-PCS-landscape-Merle.pdf

 

 

International payment arrangements

 

https://www.bis.org/cpmi/publ/d53p16.pdf

 

 

International Settlements: A New Source of Systemic Risk?

ROBERT A. EISENBEIS

 

https://pdfs.semanticscholar.org/3984/82b045cb0c5c7a82da1f43ff61006fe73c18.pdf

 

 

 

Clearing and Settlement Systems from Around the World: A Qualitative Analysis

 

http://www.bankofcanada.ca/wp-content/uploads/2016/06/sdp2016-14.pdf

 

 

 

SYSTEMIC RISK IN INTERNATIONAL SETTLEMENTS

ESRC Centre for Business Research, University of Cambridge

Rahul Dhumale

1999

 

http://www.cbr.cam.ac.uk/fileadmin/user_upload/centre-for-business-research/downloads/working-papers/wp152.pdf

 

 

PAYMENT SYSTEMS IN INDIA VISION 2009-12

RBI

 

https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/VDF16022010.pdf

 

 

 

Payment systems to facilitate South Asian integration

 

http://www.igidr.ac.in/pdf/publication/WP-2015-021.pdf

 

 

 

PAYMENT SYSTEMS TO FACILITATE SOUTH ASIAN INTRA- REGIONAL TRADE

Ashima Goyal

September 2014

http://www.unescap.org/sites/default/files/Development%20Paper_1403.pdf

 

 

 

Federal Reserve Policy on Payment System Risk

As amended effective September 23, 2016

 

https://www.federalreserve.gov/paymentsystems/files/psr_policy.pdf

 

 

 

Contagion in Payment and Settlement Systems

 

Matti Hellqvist

2006

 

https://www.imf.org/external/np/seminars/eng/2006/stress/pdf/mh.pdf

 

 

 

Overview of payment system settlement

BOE UK

http://www.bankofengland.co.uk/markets/Pages/paymentsystem/default.aspx

 

 

 

A Guide to the Bank of England’s Real Time Gross Settlement System

2013

http://www.bankofengland.co.uk/markets/Documents/paymentsystems/rtgsguide.pdf

 

 

 

Evolution of payment systems in India – or is it a revolution?

Speech by Mr R Gandhi, Deputy Governor of the Reserve Bank of India

Banaras Hindu University, Varanasi, 22 October 2016.

http://www.afi-global.org/speeches/2016/10/evolution-payment-systems-india

 

 

 

How Modernizing India’s Payment System can Drive Financial Inclusion

April 26, 2016

By Sean Creehan

 

http://www.frbsf.org/banking/asia-program/pacific-exchange-blog/how-modernizing-indias-payment-system-can-drive-financial-inclusion/

http://www.frbsf.org/banking/files/Asia-Focus-Modernizing-the-Payment-System-to-Increase-Financial-Inclusion-in-India.pdf

 

 

 

Payment Systems in India: Opportunities and Challenges

DEEPANKAR ROY

 

http://www.icommercecentral.com/open-access/payment-systems-in-india-opportunities-and-challenges.pdf

 

 

Payment Systems in India and Current Status: A Perspective

March 2016 by Graham Wright and Anil Kumar Gupta

 

http://blog.microsave.net/payment-systems-in-india-and-current-status-a-perspective/

 

 

 

PAYMENT AND SETTLEMENT SYSTEMS

RBI India

https://www.rbi.org.in/scripts/paymentsystems.aspx

https://www.rbi.org.in/scripts/PaymentSystems_UM.aspx

http://www.npci.org.in/aboutus.aspx

 

 

NPCI playing a key role in India’s push towards cashless economy

http://www.livemint.com/Industry/Sp5XB4G687Kq5eCAI8Y51O/NPCI-playing-a-key-role-in-Indias-push-towards-cashless-eco.html

 

 

India Has The Most Sophisticated Payments System In The World – And Six Men Made It Happen

R Jagannathan – Apr 12, 2016,

https://swarajyamag.com/economy/india-has-the-most-sophisticated-payments-system-in-the-world-and-six-men-made-it-happen

 

 

Supervision of U.S. Payment, Clearing, and Settlement Systems: Designation of Financial Market Utilities (FMUs)

 

Marc Labonte

Specialist in Macroeconomic Policy

September 10, 2012

 

https://pdfs.semanticscholar.org/4f53/8a3d9e1f088d8cba80d4fd5cf6f28d62a462.pdf

 

 

Interdependencies among payment and settlement systems Overview of forms and

challenges for risk management

 

Denis Beau

 

https://info.publicintelligence.net/slides2beau.pdf

 

 

 

SELECTED ISSUES ON LIQUIDITY RISK MANAGEMENT IN FEDWIRE FUNDS AND PRIVATE SECTOR PAYMENT SYSTEMS

TECHNICAL NOTE MAY 2010

 

https://www.treasury.gov/resource-center/international/standards-codes/Documents/FSAP_Technical%20Note_Payment%20Systems_Liquidity%20Risk%20Management_Final_5%2011%2010.pdf

 

 

 

Managing Operational Risk in Payment, Clearing, and Settlement Systems

by

Kim McPhail

 

http://bibvir1.uqac.ca/archivage/17521118.pdf

 

 

Interdependencies of payment and settlement systems: the Hong Kong experience

 

http://www.hkma.gov.hk/media/eng/publication-and-research/quarterly-bulletin/qb200903/fa2_print.pdf

 

 

Fundamentals oF Payment systems

 

http://www.treasuryalliance.com/assets/publications/payments/Fundamentals_of_Payment_Systems.pdf

 

 

GLOSSARY OF TERMS RELATED TO PAYMENT, CLEARING AND SETTLEMENT SYSTEMS

https://www.ecb.europa.eu/pub/pdf/other/glossaryrelatedtopaymentclearingandsettlementsystemsen.pdf

 

 

Central bank oversight of payment and settlement systems

May 2005

 

http://www.bis.org/cpmi/publ/d68.pdf

 

 

Creating an Association of Southeast Asian Nations Payment System: Policy and Regulatory Issues

Tanai Khiaonarong

No. 422 May 2013

 

https://www.adb.org/sites/default/files/publication/156277/adbi-wp422.pdf

 

 

 

Oversight of payment and settlement systems

2012

 

http://www.dnb.nl/en/binaries/Oversight%20of%20payments%20and%20settlement%20systems%202012_tcm47-286470.pdf?2016122522

 

 

 

Payment & Settelment System in India

 

http://ugcportal.com/raman-files/All%20about%20Payment%20and%20Settlement%20Systems%20in%20India.pdf

 

 

 

Payment and Settlement Systems in India

VISION-2018

 

https://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/VISION20181A8972F5582F4B2B8B46C5B669CE396A.PDF

 

 

 

Clearing House Interbank Payments System (“CHIPS®”)

Self-Assessment of Compliance with Standards for Systemically Important Payment Systems

January 2016

 

https://www.theclearinghouse.org/-/media/files/payco%20files/standards%20self%20assessment%202016.pdf?la=en

 

 

 

Supervision of Payment, Clearing and Settlement

 

https://www.skadden.com/newsletters/FSR_Supervision_of_Payment_Clearing_and_Settlement.pdf

 

 

The Continuous Linked Settlement foreign exchange settlement system (CLS)

 

http://www.snb.ch/en/mmr/reference/continuous_linked_settlement/source/continuous_linked_settlement.en.pdf

 

 

Indian Payments Industry: Mobile POS Solutions

http://www.indigoedge.com/IE%20Insight%20-%20India%20Payments%20-%20Mobile%20POS%20Solutions.pdf

 

 

 

Payment systems in Sweden

 

http://www.bis.org/cpmi/paysys/swedencomp.pdf

 

 

 

CIPS and the International Role of the Renminbi

January 27, 2016

By Nicholas Borst

http://www.frbsf.org/banking/asia-program/pacific-exchange-blog/cips-and-the-international-role-of-the-renminbi/

 

 

Chinese Central Bank has introduced CIPS (Cross-Border Interbank Payment System)

 

https://www.db.com/specials/en/docs/chinese-central-bank-cips.pdf

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Author: Mayank Chaturvedi

You can contact me using this email mchatur at the rate of AOL.COM. My professional profile is on Linkedin.com.

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