14 posts tagged “FinancialInfrastructure”
EnsembleTX brings tokenised deposits into real-value trading, with interbank settlement on HKD RTGS for now and 24/7 tokenised central bank money planned. The article unpacks its settlement design and the questions left open to 2030.
Bank of Korea released its 2025 Payment and Settlement Systems Report, detailing BOK-Wire+, a 100% net settlement collateral requirement, offshore KRW settlement, and regulatory frameworks for Project Hangang and stablecoins.
A systematic review of Project e-HKD pilot outcomes, exploring Hong Kong's strategic pivot from retail payments to wholesale tokenised asset settlement.
Starting from the central bank's latest payment system report, this article clarifies the hierarchy between accounts, tools, channels, and clearing systems, dissecting the roles of HVPS, BEPS, IBPS, UnionPay, NUCC, and CIPS.
Starting from the two payment legs of an FX trade, this article breaks down principal risk and the Herstatt risk window in foreign exchange settlement, explains how PvP and CLS multilateral netting operate, and explores the evolution toward next-generation multicurrency infrastructure like Project Agorá.
An in-depth analysis of how the ECB's Pontes and Appia initiatives use interoperability architectures and dual-track cash settlement models to anchor tokenised securities settlement in central bank money and legal finality.
Swift data shows that 75% of cross-border payments reach the beneficiary bank within 10 minutes, yet about 80% of end-to-end time is spent on the beneficiary side's last mile. This article analyzes five structural frictions and examines the competition in end-to-end orchestration.
Starting from bank balance sheets and interbank settlement, this article explains how tokenized deposits connect commercial bank money, central bank reserves, and tokenized assets.
Drawing on the BIS classification framework, this article explains how unbacked cryptoassets such as Bitcoin and Ether are created, held, traded, and regulated, and how they affect financial infrastructure.
Starting with a US$100,000 remittance, this article explains correspondent banking, SWIFT, foreign exchange, and settlement mechanics, and surveys the main paths of G20 cross-border payments reform.
Starting from the difference between 1,000 yuan in an Alipay balance and 1,000 yuan in a bank deposit, this article explains customer reserve funds, central-bank reserves, centralized custody, and the information and fund flows behind top-ups, payments, and withdrawals.
This article explains the classification, issuance mechanisms, and global policy divergence of CBDC from the perspectives of issuers, liability relationships, and settlement assets, and analyzes its impact on banks and financial infrastructure.
This article, grounded in the PFMI and China's regulatory framework, uses cross-bank transfers and securities settlement as examples to systematically explain the functions, risk control, global arrangements, and digital evolution of financial infrastructure.
Starting from ledgers, assets, transactions, and settlement, this article explains the operational logic of blockchain, its advantages and limitations, and its potential impact on future financial infrastructure.