Payment systems
Responsible use of artificial intelligence in financial market infrastructures
The author investigates current and prospective role of AI in FMIs and develops a principled framework for the responsible use of AI based on the principles of explainability, data stewardship, governance and ethics.
Forex looks to flip the (stable)coin
Friction-free foreign exchange is the prize offered by stablecoins such as Tether and USDC. But the prize remains elusive
Are stablecoins fungible money?
The authors assess the fungibility of stablecoins, arguing that this can be equivalent to that of traditional bank deposits if payment and settlement technologies are interoperable.
Payment card fraud: revealing the EMV impact in the United States and Europe
The authors investigate the adoption of EMV payment cards and how effective they are at managing credit card fraud in the United States and EU.
First line of defence dominates third-party risk management
1LoD survey finds 86% of control functions think they have sole responsibility for vendors
Financial crime product of the year: LexisNexis Risk Solutions
LexisNexis Risk Solutions wins Financial crime product of the year at the Risk Technology Awards 2025
Technology is a double-edged sword for FMIs
Exchanges and clearing houses rely on third-party vendors for vital systems, but outsourcing can also lead to duplication and waste
Just solve it: a simple method to improve the design and performance of liquidity-saving mechanisms
The authors put forward a novel LSM algorithm and compare its performance with two of the best known offsetting algorithms.
Centralized and decentralized payments networks: a simple cost comparison
This paper seeks to determine the feasibility of a widespread adoption of cryptocurrencies in payments by comparing centralized payments systems with cryptocurrencies.
Payment risk: facing the regulators with confidence
As banks continue to struggle with controlling their payments functions, Alex Knight, head of Emea at Baton Systems, explains how institutions can overcome this problem by easily activating payment rules that can be immediately applied across multiple…
Levelling the playing field for stablecoins
Regulatory asymmetries are a barrier to innovation in digital payments
On cyber, FMIs seek to avoid being weapons of mass disruption
Controls focus on basic cyber hygiene, but communicating the risk remains a challenge
BoE warns against use of stablecoins in banking
Tokenised payment systems pose compliance and systemic risks, regulator says
Transmission of cyber risk through the Canadian wholesale payment system
The authors investigate how a paralyzing cyber attack on one or more banks would spread to other banks through the Canadian wholesale payment system and simulate various scenarios, evaluating the total disruption to the payment system.
Compliance can help fintechs grow from adolescence to adulthood
It may slow US banking down, but customer safety is the difference between success and failure
Quantifying the economic benefits of payments modernization: the case of Canada’s large-value payment system
The authors analyze the economic benefits of the replacement of Canada’s large-value transfer system (LVTS) with the new system, Lynx.
Monitoring intraday liquidity risks in a real-time gross settlement system
This paper proposes an intraday liquidity risk indicator (LRI) for each participant in a real-time gross settlement system (RTGS).
An empirical analysis of bill payment choices
The aim of this paper is to examine which payment instruments Canadians use for paying bills and to assess the factors driving their bill payment behavior.
Predicting payment migration in Canada
The authors employ historical LVTS and ACSS data and use the discrete choice demand estimation approach to uncover end users’ and financial institutions’ preferences when deciding which payment instruments and payment systems, respectively, to use.
Is there anybody out there? Detecting operational outages from Large Value Transfer System transaction data
This paper develops a method to identify operational outages of participants in the Canadian Large Value Transfer System (LVTS).
CLS: can’t live with ’em, can’t live without ’em?
FX settlement giant not fast on its feet, say dealers and challengers, but hard to knock down