Central banks around the world are examining the possibility of launching their own national payments system, in many cases motivated by the value Russia has derived from its own Mir system after other payments operators suspended their services earlier this year.
Securing strategic independence might seem an attractive concept in a world where financial market infrastructure can become pressed into the service of foreign policy aims. But achieving the level of security, resilience and service that governments, businesses and consumers expect is likely to prove challenging.
OMFIF’s latest report, in partnership with Mastercard, explores these challenges in detail, from difficulties in promoting adoption to the growing sophistication of the tools required to combat cyberattacks and financial crime to the demand for the near global acceptance required for efficient cross-border trade.
The report features insights from several central banks with various levels of experience in researching and operating national payments systems, giving a valuable perspective on the costs and challenges they experienced.