Jasper项目第四阶段第二份报告-68页

CROSS-BORDER INTERBANK PAYMENTS AND SETTLEMENTS Emerging opportunities for digital transformation November 2018 LEGAL DISCLAIMER This report has been compiled and collated by KPMG Services Pte. Ltd (referred to as KPMG in this report) based on inputs received from central banks viz. Bank of Canada, Bank of England, Monetary Authority of Singapore and commercial banks viz. HSBC, TD Bank, OCBC Bank and UOB. The statements contained within this report represent the views expressed by the participating central banks and commercial banks. Each commercial bank participated in this initiative by providing insights to the key challenges in the market. Their participation does not constitute their endorsement of the models presented. KPMG Services Pte. Ltd were not commissioned by the central banks involved in writing this report and, as such, have not received any payment from them for their role in the production of this report. All intellectual property rights in or associated with this report remain vested with the participating banks and/or their licensors. The contents of this report are not intended to be any form of legal, regulatory, or business advice, and should not be acted upon as such. While care and attention has been deployed in the preparation of this report, the participating central banks and commercial banks and KPMG do not accept responsibility for any inaccuracy or error in, or any inaction or action taken relying upon the information stated and/or referenced in this report. This report is provided as is without any representation or warranty of any kind. All representations or warranties whether express or implied by statute, law or otherwise are hereby disclaimed. Cross-Border Interbank Payments and Settlements: Emerging opportunities for digital transformation | 1 CONTENTS 1.0 Executive Summary 4 6 2.0 Background and Objectives • • 2.1 Background 2.2 Objectives and approach 3.0 Overview of Main Stakeholders: Key Roles and Challenges 9 • • • • 3.1 Overview of main stakeholders 3.2 Challenges for central banks 3.3 Challenges for commercial banks 3.4 Challenges for end-users 4.0 Key Challenges and Root Causes 16 • 4.1 Current initiatives: A critical assessment 5.0 Potential Future State 23 27 6.0 Potential Future State Models for Cross-Border Payments and Settlement • 6.1 Future state models • • • • 6.1.1 Model 1: Current and planned initiatives within and across jurisdictions 6.1.2 Model 2: RTGS operators as “super-correspondents” 6.1.3 Models 3a, 3b, and 3c: Introduction 6.1.4 Model 3a: W-CBDCs that can be held and exchanged only in their home jurisdictions and not beyond • 6.1.5 Model 3b: W-CBDCs that can be held and exchanged beyond their home jurisdictions • 6.1.6 Model 3c: A single, universal W-CBDC backed by a basket of currencies • • 6.2 Model comparison against root causes of pain points 6.3 Model comparison across non-technical considerations 7.0 Conclusion and Next Steps 8.0 Appendix 47 50 • • • • • • • • 8.1 RTGS Renewal Programme, Bank of England 8.2 Project Jasper (Canada) 8.3 Project Ubin (Singapore) 8.4 Central bank liabilities, including central bank digital currencies 8.5 Cross-border payment methods 8.6 Payment and settlement flows 8.7 Payment flows – activity view 8.8 Model transaction flows 9.0 Acknowledgement 10.0 Bibliography 59 62 11.0 Glossary 66 Cross-Border Interbank Payments and Settlements: Emerging opportunities for digital transformation | 2 EXECUTIVE SUMMARY 1.0 Executive Summary is that these are incremental changes, and in the longer term there may need to be a more fundamental paradigm shift to address these challenges in a more holistic way, enabled by new technology platforms. The report “Cross-Border Interbank Payments and Settlements” is a cross-jurisdictional industry collaboration between Canada, Singapore and the United Kingdom to examine the existing challenges and frictions that arise when undertaking cross- border payments. This report explores proposals for new and more efficient models for processing cross-border transactions. The report discusses three possible models that could potentially address the issues identified to achieve the future-state capabilities. These models are not intended to be exhaustive, and they are purely hypothetical proposals that enable an analysis of the relative merits and challenges. The first two models are based on enhancing existing domestic interbank payment systems with current or traditional technology. Without ch