Series: Occasional Papers. 2306.
Author: José Luis Romero Ugarte, Abel Sánchez Martín, Carlos Martín Rodríguez.
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Summary
In recent years, payment systems have benefited from technological developments that have accelerated their evolution and adaptation to user needs. Payment systems ultimately depend on central bank money, and the debate about the advisability of updating the different ways of representing this asset has intensified recently. The purpose of this paper is to classify the alternatives available in the wholesale payments environment and identify their possible impact on financial markets. To do so, the motivations behind the creation of a unified large-value payment system in the Eurosystem are listed and analysed to see whether these drivers are still present today and to what extent they could be affected should any of the alternative systems identified become pervasive.