Yesterday the Bank for International Settlements (BIS), the global body for central banks, published its quarterly report, which explored how technology is impacting banking and financial markets. It pulled together multiple papers covering payments technology, cross border payments, the decline of correspondent banking, tokenisation and securities settlement, and central bank digital currencies (CBDC).
BIS Head of Research Huyin Song Shini acknowledged that “the pace of change and potential for disruption have propelled payment systems to the top of policymakers’ agenda.” While the papers assessed emerging solutions, the challenges outlined are significant.
There was also a call to action. “Central banks have a core role in payment systems, and the changes under way require them to step up and play a more significant part in improving the safety and efficiency of these systems,” said BIS General Manager Agustín Carstens.
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