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Cross-border payments at a crossroads between SWIFT and DLT

In: CNB Global Economic Outlook - June 2023

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  • Alexis Derviz

Abstract

Decentralized ledger technologies (DLT) made popular by bitcoin and other crypto assets did not create new moneys. One of the things they did create was an alternative channel of cross-border value transfers independent of correspondent banks. In response, banks engaged in international payments started to experiment with blockchains themselves. In this article, I review the current cross-border payment landscape from the point of view of DLT adoption and try to assess the potential of current and emerging solutions.

Suggested Citation

  • Alexis Derviz, 2023. "Cross-border payments at a crossroads between SWIFT and DLT," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - June 2023, pages 13-17, Czech National Bank.
    • Handle: RePEc:cnb:ocpubc:geo2023/6
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    File URL: https://www.cnb.cz/export/sites/cnb/en/monetary-policy/.galleries/geo/geo_2023/gev_2023_06_en.pdf
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    References listed on IDEAS

    as
    1. Alexis Derviz, 2020. "Stablecoins - a gateway between conventional and crypto financial universes?," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - March 2020, pages 12-16, Czech National Bank.
    2. Benigno, Pierpaolo & Schilling, Linda M. & Uhlig, Harald, 2022. "Cryptocurrencies, currency competition, and the impossible trinity," Journal of International Economics, Elsevier, vol. 136(C).
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