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Major transformations in payment and settlements have occurred in generations. The first generation was paper-based. Delivery times for payment instruments took

This report offers an analytical framework that allows for more systemic assessments of distributed ledger technology (DLT) and its applications. It examines th

New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are

The post-trading industry is one in which financial firms make money and one in which risk issues need careful management. Reliable payment, clearing and settle

Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines