Jasper项目第四阶段第二份报告-68页

CROSS-BORDERINTERBANK PAYMENTSAND SETTLEMENTSEmerging opportunities for digital transformationNovember 2018 LEGAL 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 England, 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 key 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 report.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 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 any 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 | 1 CONTENTS1.0 Executive Summary462.0 Background and Objectives2.1 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 critical 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: 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 root 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-border payment methods8.6 Payment and settlement flows8.7 Payment flows activity view8.8 Model transaction flows9.0 Acknowledgement10.0 Bibliography596211.0 Glossary66Cross-Border Interbank Payments and Settlements: Emerging opportunities for digital transformation | 2 EXECUTIVESUMMARY 1.0 Executive Summaryis that these are incremental changes, and in thelonger term there may need to be a morefundamental paradigm shift to address thesechallenges in a more holistic way, enabled by newtechnology platforms.The report “Cross-Border Interbank Payments andSettlements”isacross-jurisdictionalindustrycollaboration between Canada, Singapore and theUnited Kingdom to examine the existing challengesand frictions 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 modelsare not intended to be exhaustive, and they arepurely hypotheticalproposals 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 ch