Tiered access in RTGS systems : a DLT-based approach

Miguel Cárdenas, Carlos Madeira, Raúl Morales-Resendiz, Miguel Musa, Mario Sanclemente, Leon Sanz-Bunster

Distributed ledger technologies (DLT) are increasingly considered to enhance payment systems' and market infrastructures' functionalities like their accessibility and interoperability. We explore DLT architecture options to enable a new tiered access in the RTGS system of Chile for new payment service providers (PSP). We find that by introducing decentralized apps (DApps) the RTGS system would become more accessible and interoperable by enabling a tiered access to new participants. Our work also suggests that central banks exploring design alternatives for retail Central Bank Digital Currencies (CBDC) could find relevant our approach as a pivot to build a far-reaching PSP network.

MoreLess

Year of publication:	2024
Authors:	Cárdenas, Miguel ; Madeira, Carlos ; Morales, Raúl ; Musa, Miguel ; Sanclemente, Mario ; Sanz-Bunster, Leon
Published in:	Latin American journal of central banking : LAJCB. - Amsterdam : Elsevier, ISSN 2666-1438, ZDB-ID 3035191-1. - Vol. 5.2024, 1, Art.-No. 100116, p. 1-16
Subject:	Blockchain \| CBDC \| Central bank digital currencies \| Distributed ledger technology \| DLT \| Financial market infrastructures \| FMIs \| Payment service providers \| PSPs \| Real time gross settlement \| RTGS \| Virtuelle Währung \| Virtual currency \| Zahlungsverkehr \| Payment transactions \| Clearing \| Financial clearing \| Zentralbank \| Central bank \| Internationaler Zahlungsverkehr \| International payments \| Bargeldloser Zahlungsverkehr \| Noncash payments