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1、CROSS-BORDERINTERBANK PAYMENTSAND SETTLEMENTSEmerging opportunities for digital transformationNovember 2018LEGAL DISCLAIMERThis report has been compiled and collated by KPMGServices Pte.Ltd(referred to as KPMG in this report)based on inputs received from central banks viz.Bank ofCanada,Bank of Engla
2、nd,Monetary Authority ofSingapore and commercial banks viz.HSBC,TD Bank,OCBC Bank and UOB.The statements contained withinthis report represent the views expressed by theparticipating central banks and commercial banks.Eachcommercial bank participated in this initiative by providinginsights to the ke
3、y challenges in the market.Theirparticipation does not constitute their endorsement of themodels presented.KPMG Services Pte.Ltd were not commissioned by thecentral banks involved in writing this report and,as such,have not received any payment from them for their role inthe production of this repor
4、t.All intellectual property rights in or associated with thisreport remain vested with the participating banks and/ortheir licensors.The contents of this report are not intended to be any formof legal,regulatory,or business advice,and should not beacted upon as such.While care and attention has been
5、 deployed in thepreparation of this report,the participating central banksand commercial banks and KPMG do not acceptresponsibility for any inaccuracy or error in,or anyinaction or action taken relying upon the informationstated and/or referenced in this report.This report isprovided as is without a
6、ny representation or warranty ofany kind.All representations or warranties whetherexpress or implied by statute,law or otherwise are herebydisclaimed.Cross-Border Interbank Payments and Settlements:Emerging opportunities for digital transformation|1CONTENTS1.0 Executive Summary462.0 Background and O
7、bjectives2.1 Background2.2 Objectives and approach3.0 Overview of Main Stakeholders:Key Roles and Challenges93.1 Overview of main stakeholders3.2 Challenges for central banks3.3 Challenges for commercial banks3.4 Challenges for end-users4.0 Key Challenges and Root Causes164.1 Current initiatives:A c
8、ritical assessment5.0 Potential Future State23276.0 Potential Future State Models for Cross-Border Paymentsand Settlement6.1 Future state models6.1.1 Model 1:Current and planned initiatives within and across jurisdictions6.1.2 Model 2:RTGS operators as“super-correspondents”6.1.3 Models 3a,3b,and 3c:
9、Introduction6.1.4 Model 3a:W-CBDCs that can be held and exchanged only in their homejurisdictions and not beyond6.1.5 Model 3b:W-CBDCs that can be held and exchanged beyond their homejurisdictions6.1.6 Model 3c:A single,universal W-CBDC backed by a basket of currencies6.2 Model comparison against ro
10、ot causes of pain points6.3 Model comparison across non-technical considerations7.0 Conclusion and Next Steps8.0 Appendix47508.1 RTGS Renewal Programme,Bank of England8.2 Project Jasper(Canada)8.3 Project Ubin(Singapore)8.4 Central bank liabilities,including central bank digital currencies8.5 Cross-
11、border payment methods8.6 Payment and settlement flows8.7 Payment flows activity view8.8 Model transaction flows9.0 Acknowledgement10.0 Bibliography596211.0 Glossary66EXECUTIVESUMMARY1.0 Executive Summaryis that these are incremental changes,and in thelonger term there may need to be a morefundament
12、al paradigm shift to address thesechallenges in a more holistic way,enabled by newtechnology platforms.The report“Cross-Border Interbank Payments andSettlements”isacross-jurisdictional industrycollaboration between Canada,Singapore and theUnited Kingdom to examine the existing challengesand friction
13、s that arise when undertaking cross-border payments.This report explores proposals fornew and more efficient models for processingcross-border transactions.The report discusses three possible models thatcould potentially address the issues identified toachieve the future-state capabilities.These mod
14、elsare not intended to be exhaustive,and they arepurely hypothetical proposals that enable ananalysis of the relative merits and challenges.Thefirst two models are based on enhancing existingdomestic interbank payment systems with currentor traditional technology.Without changing theunderlying corre
15、spondent banking model,these twomodels could meet some,but not all,of the future-state capabilities.The project was initiated by the Bank of Canada(BOC),the Bank of England(BOE)and theMonetary Authority of Singapore(MAS)inconsultation for domain knowledge with subjectmatter experts from a group of c
16、ommercial banksled by HSBC.Other commercial banks in the groupinclude Oversea-Chinese Banking Corporation(OCBC Bank),Toronto-Dominion Bank(TD Bank)and United Overseas Bank(UOB).KPMG ServicesPte.Ltd(KPMG)helped facilitate a workshopbetween these participants to discuss views on thistopic,and compiled
17、 views from them to assist in thedevelopment of this report.Given the experience from BOC and MAS researchprojects(Jasper and Ubin,respectively)in exploringtokenized forms of central bank liabilities fordomestic use cases,the third model considers threevariations based on issuing a wholesale central
18、bank digital currency(W-CBDC).This report is aimed at developing further insightsinto the challenges and root causes of issuesassociated with cross-border interbank paymentsand settlements.These insights are used to derivedesired outcomes,which we refer to as“future-statecapabilities.”A persistent c
19、hallenge in addressingissues in cross-border payments relates tocoordination and perspective.By bringing togetherseveral banks from different countries and threecentral banks,this report provides insight into theroot causes in challenges relating to cross-borderpayments,while being agnostic of the c
20、ontext,andundertakes an appraisal of the limits oftechnological innovation.This report is a starting point that enables the globalfinancial community to conduct exploratory projectsto deepen the collective understanding of how thesemodels can be operationalizedfrom both non-technical and technical p
21、erspectives.The reportdoes not provide specific recommendations for afuture-state model for cross-border payments andsettlements.Instead,it provides the overallframework in which specific aspects of cross-borderpayments and settlements can be explored in moredepth by interested parties.The contents
22、of thisreport do not inform the policy positions on accessof the contributing central banks,nor do theyrepresent the supervisory view of any firms whichfall within the supervisory remit of the central banks.The intention of the report is not to pick a model forthe future,but to explore hypothetical
23、future states.The report notes the current initiatives under way inthe industry that go some way to address thechallenges identified.Nevertheless,our conclusion.BACKGROUND ANDOBJECTIVES2.1 Backgrounddevelopingasafe,efficient and inclusiveinternational system are compounded by divergencein the regula
24、tory approaches of different jurisdictions.The overall value of cross-border payments isexpected to rise by 5.5 per cent per year fromUS$22 trillion in 2016 to US$30 trillion in 2022across both retail and corporate payments.1 Newbusiness models and service providers are startingto emerge offering cr
25、oss-border payments to retailmarket segments.At the same time,the number ofactive correspondent banks globally is in decline.Inthe period 2011 to mid-2017 there was an 8 per centdecline in active correspondent banks globally.2These contrasting forces,which affect moneytransfers across markets global
26、ly ensure that cross-border payments are a priority for businesses,commercial banks and regulators alike.The ability to automatically process a payment iscrucial to ensuring that the cost is reduced.This isharder to do if the transaction must go throughmultiple entities in multiple locations.If the
27、sendersservice provider has no presence in the beneficiaryslocation,and thus cannot receive the funds there,itwill need to rely on another financial institution(s)tocomplete the transaction on its behalf.4This is known as the“correspondent banking”model,which has been the foundation of cross-borderp
28、ayments and settlements for centuries.5 Currently,correspondent banking remains the only ubiquitouscross-border payment solution.It can reach anycountry or currency and can be used by anyone witha bank account.However,the number of firmsoffering correspondent banking services is indecline.Today,cros
29、s-border payments are expensive(compared with domestic payments),can takemultiple days and lack transparency,regarding bothcosts and delivery times.3 This is primarily due tothe complexity of the cross-border payment andsettlement process,which includes the involvementof multiple entities in the exe
30、cution of a cross-bordertransaction,the degree of regulationfor example,anti-money laundering(AML),counter terroristfinancing(CTF)and know-your-customer(KYC)requirements,as well as capital requirements-differences in technical and operational standardsacross jurisdictions,and the prevalence of legac
31、ysystems and infrastructure.The difficulties ofThe growing demand for cross-border paymentswarrants a review of current payment and settlementprocesses.By considering the differing lenses ofend-users(the senders and beneficiaries ofpayments),commercial banks and central banks,this report analyses th
32、e different challenges faced bystakeholders to identify the underlying root causes ofthese challenges.Global cross-border tradevolumes are expected towitness steady growth over thecoming years.Cross-borderpayments will need to evolve tobe able to support theseincreased volumes and at thesame time re
33、solve thecomplexity associated with thecross-border payments andsettlement process todayCross-Border Interbank Payments and Settlements:Emerging opportunities for digital transformation|62.2 Objectives and approachThis report looks at how high-value corporatepayments are processed.While some of thec
34、hallenges faced in executing low-value payments(such as person-to-person migrant remittances)maybe comparable,low-value payments are outside thescope of this report.This report builds on the current literature available,summarising the key challenges faced by the mainstakeholders in the cross-border
35、 payments processas well as the key findings from the workshopdeliberations and discussions on the proposedmodels.Section 3 explores the different participantgroups in greater detail,including their perspectiveson the main challenges associated with cross-borderpayments.Section 4 examines root cause
36、s of thesechallenges and assesses current initiatives that seekto address key pain points.Section 5 introducespotential future-state capabilities,detailing how theseproposals mitigate challenges identified byrespective stakeholders.Section 6 outlines thefuture-state models we have illustrated forcon
37、sideration and compares the relative benefitsacross the models.The discussion of the future-statemodels does not represent a policy position of thecontributing central banks and/or commercial banks,but is rather an exploration of hypothetical futurestates.The report concludes in Section 7,which sets
38、out possible next steps for both technical and policywork seeking to address these pain points.This project started with a series of focuseddiscussions with Report Contributor groups withinparticipating commercial banks involved in cross-border payments.6 As the lead commercial bank,HSBC provided an
39、 in-depth review coordinatingmultiple stakeholder contributions,while the otherparticipating commercial banks sponsored keyrepresentatives who are subject matter experts(SMEs)in different banking areas to provide holisticviews of cross-border challenges.The discussions covered three key areas:curren
40、t-state pain points,potential future state enablers(future-state capabilities),and industry use cases forcross-border payments and settlements.Thefindings from this process were then discussedamong the core working group(made up of centralbanks and commercial banks)at a three-dayworkshop held in the
41、 United Kingdom at U-Collaborate facilities.7This report is developed basedon existing literature on cross-border payments and is theoutcome of a collaborativeeffort between central banksand commercial banks acrossdifferent jurisdictionsCross-Border Interbank Payments and Settlements:Emerging opport
42、unities for digital transformation|7OVERVIEW OF MAINSTAKEHOLDERS:KEY ROLES AND CHALLENGES3.1 Overview of main stakeholderspayments sector competition and innovation withintheir jurisdictions.The process for enacting a cross-border paymentinvolves several parties,each facing its ownchallenges.RTGS an
43、d high-value payment systemsEnd-users are the businesses and individuals whoneed to send money to or receive money from aforeign country.To do this,they will use bankingservices obtained from a commercial bank.Thesender will provide the bank with the details of thebeneficiary of the payment.There ar
44、e two crucial,risk-reducing features tocentral bank-operated RTGS high-value paymentsystems,that places them at the heart of the globalpayments system.The first is that settlement takesplace at a central bank,in“central bank money.”Given that central banks have the lowest risk ofdefault of any agent
45、 in the economy,this reduces therisk of settlement agent failure to close to zero.If the commercial bank has a presence in thejurisdiction of the beneficiary(i.e.,it holds asettlement account with the relevant central bank),this may be a relatively straightforward transactionwhere money is transferr
46、ed across its own booksand then sent to the beneficiarys bank via the high-value payment system operated in that country.Thebeneficiarys bank can then credit the funds to itscustomer,and the payment is complete.The second feature is the move to RTGS systemsthemselves,as opposed to systems wheresettl
47、ement occurs on a deferred net basis.Under areal-time system,obligations are extinguished assoon as they arise,meaning that participants are notbuilding up credit risk between them while awaitingsettlement.Central banks generally adopted thismodel over the 1980s and 1990s as the technologydeveloped
48、to support real-time settlement.The moveto RTGS systems effectively eliminates settlementrisk from high-value payment systems.In many cases,however,the payment must travelvia a chain of other commercial banks that create anetwork between domestic payment systems,i.e.,correspondent banking.This happe
49、ns when thebeneficiary bank does not hold a settlement accountwith the relevant central bank.Via this chain,apayment might travel across multiple jurisdictionsbefore arriving at its destination.Each time thepayment passes between institutions,it may or maynot be settled via high-value payment infras
50、tructureoperated by a central bank.Several central banks are now facing challengesrelated to operating legacy infrastructure.This hasdriven the recent decisions of a number of centralbanks to renew their RTGS systems.One exampleof a legacy infrastructure challenge is the need forsome systems to have