Today the BIS Committee on Payments and Market Infrastructures (CPMI) published its final report on increasing the adoption of payment versus payment (PvP) in foreign exchange (FX) transactions. Apart from reviewing existing PvP platforms, it also explores 11 new ones that have either been released or are under development. At least six of the 11 use blockchain in some way.
The six platforms are 9th Gear, Baton Systems’ Core FX, Fnality, Izzi, Project Jura and RTGS Global. Despite being DLT-based, the Regulated Liability Network (RLN) is not one of the solutions in focus because it was considered conceptual at the time, although it has since progressed.
The paper follows a July 2022 consultation and is part of the G20 cross border payments program. As with the previous report, it finds that existing PvP arrangements reduce risks and makes recommendations on improving adoption.
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