Central banks are needed to make instant payments work, says panel
Legal and payment experts tell Autumn Meetings that private sector cannot achieve this on its own
Central bankers from around the world told a panel at the Central Banking Autumn Meetings that the private sector’s inertia over interoperable digital instant payment systems had forced monetary authorities to take the initiative instead.
One panelist at the event, which took place in Rio de Janeiro on November 21, said there was “always a gap in the private sector, which there is a need to fill”.
Another said their institution’s original real-time gross settlement project had raised the question
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