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International Payments Eco-systems

Authored by: Matt Shaw, Director - Synechron Business and Management Consultancy

As proven in the Bank of England’s recent successful test of an interledger program developed by Ripple, Blockchain promises to greatly reduce settlement times and fees for end users, by removing or reducing correspondent banks and foreign exchange intermediaries along the value chain – Ripple allows direct ‘peer-to-peer’ international payments with an efficient ‘FX market-making’ automated auction process to translate from one currency to another (via their internal XRP crypto-currency).

Similarly In the securities space, Settle Coin aims to decouple institutional inter-bank settlement from central banking Real-time Gross Settlement processing cycles by tokenizing the cash leg of securities and other transactions so banks can settle between themselves, independently of their (increasingly costly) central bank reserves. Although they will still need the central bank to back the tokens and act of lender of last resort in times of stress.

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