Aadhaar

, 135, 149

Account based CBDC

, 248

Account Information Service Providers (AISPs)

, 89, 154

Account Information Services (AIS)

, 89

Account takeover frauds (ATO frauds)

, 53

Activity-based regulation with entity-based regulation

, 91–93

Activity–based approach

, 92

Agent banking

, 136–137

Alipay

, 17, 28, 43, 60–61, 85, 91

Amazon

, 28

Anti-money laundering (AML)

, 11, 134, 175, 211, 273

Anti-money laundering/counter financing of terrorism (AML/CFT)

, 116, 310

Apple

, 28

Application programming interface standards (API standards)

, 8, 11, 29, 88–89, 162, 231, 238–239, 297, 311

Architectural designs of digital ID systems

, 185–196

Architectural models

, 161, 163, 168, 185–186

centralized models

, 163–164, 168–169

decentralized models

, 165–166, 169, 171

distributed models

, 166, 168, 171, 173

lessons learnt from architectural models of digital infrastructures

, 168–173

Architectural paradigms, modern computing

, 161–163

Artificial intelligence (AI)

, 8, 12, 28–29, 220, 303, 317

augmented voice recognition scheme

, 179

ethical use of

, 50, 126, 128

ethics

, 48, 71, 123

and implications on monetary and financial stability

, 65

principles

, 127

regulatory approaches

, 127–128

regulatory measures

, 128

Asset-referenced tokens (ARTs)

, 110

Assets backing stablecoins

, 111–112

Atomic transactions

, 249–250

Australian CBDC pilot

, 282

Authentication process

, 180, 231–232

Authoritative sources

, 185

Authorization

, 184

Authorized push payment frauds (APP frauds)

, 53

Automated market maker (AMMs)

, 34, 249–250

Backend processing

, 207–209

Banco Central do Brasil (BCB)

, 155–156, 221

Bank for International Settlements (BIS)

, 14, 215, 241–242, 310

Bank of Canada

, 317

Bank of England (BoE)

, 110, 298, 300

use of data to support policy objectives

, 301

Bank of International Settlements (BIS)

, 93, 115

Innovation Hub

, 249, 310, 315

Banking hubs

, 136

Banks, tokenized deposits as transferable liabilities of issuing

, 116–117

Banks’ super apps

, 30, 33, 43–44, 69, 85, 88, 91

lessons learnt from different flavours of open banking

, 90–91

model

, 37

open banking

, 89–90

PSD2

, 89

Banque de France’s conceptual models of wholesale CBDC provision on DLT

, 255

Bearer instruments, observations in case of deposit tokens as

, 116

BigTech

, 9, 16, 18, 28

EU Digital Markets Act

, 87–88

firms

, 2, 28–29, 32, 36, 85, 87–88, 92

social media firms

, 126

specific measures to address shadow banking in China’s

, 94

super apps

, 30, 32–33, 36, 43–44, 49, 60, 69, 85, 88, 91

Biometric authentication

, 8, 11

Bitcoin

, 14, 34, 104–105, 107, 168, 219

Blockchain technology

, 244

Business issues of Retail CBDC

, 285

Business models

, 42, 69

challenges related to emerging

, 41–47

competition and collaboration in

, 36–38

in financial services

, 97

Buy-now-pay-later (BNPL)

, 28

Capabilities upgrade

, 293, 295, 297, 304

Card payments

, 202–203

Catalyst for change

, 220–221

Central Bank Act

, 78

Central bank digital currency (CBDC)

, 2, 13–14, 34–35, 74, 111, 168, 220–221, 241–242, 309

concepts

, 242–247

cross border

, 256–261

DLT and roles in

, 244–245

evolution of technology and money

, 243–244

initiatives

, 295

as new digital form of money

, 245–247

stages

, 247

types of DLT platforms

, 245

wholesale

, 247–256

Central Bank Money

, 278

Central Bank of Nigeria (CBN)

, 235, 271

Central banking

, 2

Central banks

, 1, 108–109, 202, 205, 220, 249, 270, 294, 296–297, 299, 301, 307

AI ethics

, 71

capabilities upgrade

, 74–77

collaboration

, 75–76

customers’ data rights

, 70–71

cybersecurity

, 71–72

in development of digital ID schemes

, 196–197

in digital payment landscape

, 219–221

in faster payments

, 209–211

financial exclusion

, 72

future of innovation at

, 319

governance with regards to innovation promotion

, 318–319

implications of central bank mandates on innovation promotion

, 318

innovation

, 76–77

iterations of central banking over centuries

, 67

key remits

, 59–67

law-based tools

, 78

modifications of central banks’ laws with regards to innovation promotion

, 318–319

monetary sovereignty

, 70

possible areas of action

, 68

promotion of open digital infrastructures

, 72–74

rationale for central banks to engage in innovation work

, 308–309

regulatory updates

, 68–72

resilience

, 74–75

responses to emerging challenges

, 67–77

roles

, 77

shadow banking

, 69

singleness of money

, 70

tools in three areas of actions

, 77–78

trust-based tools

, 78

walled gardens

, 69

Central security depositories (CSDs)

, 34

Centralized crypto-asset services

, 35

Centralized models(see also Decentralized models)

, 163–164, 194, 231

advantages

, 168–169

of digital ID

, 186

of digital infrastructures

, 168–169

disadvantages

, 169

of open banking

, 235

Centralized payment infrastructure

, 169

Centralized payment system

, 169

Chief Executive Officer (CEO)

, 115

China Construction Bank

, 274

China’s BigTech Super Apps, specific measures to address walled gardens in

, 86

Clearing

, 208

Closed–loop digital infrastructures

, 145

Closed–loop payments

, 202–204

Cloud and financial services transformation at WeBank

, 10

Cloud computing

, 8–10

platforms

, 28–29

Cloud concentration risk

, 132

Cloud in financial services, key issues related to use of

, 132

Cloud service provider

, 131–132

Collaboration

, 75–76

in business models

, 36–38

Collaborator, embracing roles of

, 297

Commercial Bank Money

, 278

Commercial banks

, 275, 295

Commercial Data Interchange (CDI)

, 164

Committee on Payment and Settlement Systems

, 208

Committee on Payments and Market Infrastructures (CPMI)

, 216

CPMI-IOSCO guidance on cyber resilience for financial market infrastructures

, 130–131

Competition

in business models

, 36–38

open banking as platform for

, 227

Competition and Markets Authority (CMA)

, 71, 88–89, 231–232

Competitive environment

, 29–38

competition and collaboration in business models

, 36–38

implications of new business models

, 35–36

new business models at core of emerging financial landscape

, 29–35

open banking and impacts on virtual banking and banks’ super apps

, 37

Composability of financial services and new business models

, 29

Comprehensive ban on cryptoasset activities

, 104–105

Confidentiality, Integrity and Availability Triad (CIA Triad)

, 51

Consultation on Stablecoin Regulatory Approach (CSRA)

, 108–109

Consumer Data Right legislation (CDR legislation)

, 232

Consumer Financial Protection Bureau (CFPB)

, 310

Contestable market

, 85, 87, 92

Coordinator, embracing roles of

, 297

Corporate Digital ID

, 180

Counter financing of terrorism (CFT)

, 134, 175, 211, 273

Counterparty risks, reduction in

, 249–250

COVID-19 pandemic

, 31

Credit cards

, 203

payments

, 202–203

Cross border CBDC

, 256–261

compatible CBDC systems

, 249–250

dealing with policy trilemma

, 262

governance

, 249–250

integrating multiple CBDCs in single mCBDC system

, 249–250

laws and regulations

, 249–250

linking multiple CBDC systems

, 249–250

liquidity provision

, 249–250

possible implementation approaches

, 260–261

potential benefits of

, 257–259

potential challenges for

, 259

technical

, 249–250

Cross-border faster payments

, 2

Cross-border payments

, 152, 215, 219

correspondent banking

, 216–217

fast payment systems linkages

, 218–219

FinTech cross-border payments

, 219

Cross-border sandboxes

, 311

Cross-sector sandboxes

, 311

Cryptoassets

, 103–105, 168

comprehensive ban on cryptoasset activities

, 104–105

leaving use of cryptoassets as means of payments outside regulatory space

, 104–105

as legal tender

, 104–105

as means of payments

, 104–105

as means of payments in jurisdiction

, 104–105

regulations in European Union

, 110

Cryptocurrency

, 219

Cultural contexts

, 154

Currency act

, 104–105

Customer due diligence (CDD)

, 134, 182

Customers

, 31

data rights

, 48–50, 70–71, 123, 126

EU’s Digital Markets Act, PSD2 and Open Banking Initiatives

, 126

EU’s GDPR

, 124–126

and implications on monetary and financial stability

, 64–65

rights

, 125

Cyber resilience for financial market infrastructures, CPMI-IOSCO guidance on

, 130–131

Cybercrimes

, 51

against customers

, 53

Cybersecurity

, 48, 50, 52, 71–72, 129, 134, 284

CPMI-IOSCO guidance on cyber resilience for financial market infrastructures

, 130–131

EU’s DORA

, 131–132

and implications on monetary and financial stability

, 65–66

incidents

, 52

landscape

, 51

NIST cybersecurity framework

, 129–130

operational resilience

, 133–134

Data analytics

, 299–301

Data breach and notification

, 125

Data collection transformation

, 298–299

Data Empowerment and Protection Architecture (DEPA)

, 149

Data governance

, 124–125

Data management

, 299–301

lifecycle

, 298–301

Data privacy

, 125–126

Data Privacy Act

, 78

Data protection laws

, 49, 124

Data Protection Officer (DPO)

, 125

Data residency

, 132

Data sandboxes (see Digital sandboxes)

Data sharing

, 73–74, 144, 146, 154

different flavours of

, 230–237

incentives

, 233

infrastructures

, 225

layer

, 164, 166, 168

open banking

, 225–227

from open banking to open finance and smart data

, 237–238

Data storage

, 299–301

Data strategy

, 299–301

‘De-risking’ process

, 256–257

Debit cards

, 203

payments

, 202–203

Decentralization

, 166

Decentralized autonomous organizations (DAOs)

, 35, 62

Decentralized exchange (DEX)

, 34

Decentralized finance (DeFi)

, 23, 30, 33, 35, 38

Decentralized models

, 165–166, 231

advantages

, 170

of digital infrastructures

, 169–171

disadvantages

, 170–171

of open banking

, 233–234

Decentralized programmability

, 245–246, 250, 282–283, 285

Deferred net settlement

, 208

Delivery versus payments (DvP)

, 222, 245, 249–250, 253

Demand

, 28

Deposit-takers

, 115

Descriptive approach

, 231–232

Diem Association

, 62

Digital banking ecosystems

, 32

Digital banknotes, retail CBDC as

, 276–277

Digital banks

, 28

Digital disruption

, 1, 7, 294–295, 307

Digital economy

, 129

Digital finance

, 12

Digital financial landscape

, 2–3, 7, 27, 67, 69–70, 83, 85, 183

challenges inherent in digital financial services

, 48–54

challenges related to emerging business models

, 41–47

changing competitive environment

, 29–38

changing demand and supply of financial services

, 27–29

cybersecurity threat landscape

, 51

fraud

, 53

ID and financial inclusion

, 54

monetary sovereignty

, 45–46

new technologies

, 8–14

new types of players

, 15–21

new types of products

, 21–24

open digital infrastructures in financial services as helper to address challenges in

, 144

singleness of money

, 46–47

stablecoins, shadow banking and singleness of money

, 47

walled gardens

, 44–45

Digital financial services

, 28, 53

challenges inherent in

, 48–54

customers’ data rights

, 49–50

cybersecurity

, 50–52

ensuring access to digital financial services through digital ID

, 134–135

ethical use of AI

, 50

example steps in usage and provision of

, 147

financial exclusion

, 52–54

Digital government services

, 185

Digital ID

, 2, 73, 135, 143–144, 178–179

access and use of services

, 184

application

, 182–184

architectural designs of

, 185–196

architectural models

, 185–186

architectural models and implications on use cases in financial services

, 193–194

architectural models’ trade-offs

, 194–196

authorization

, 184

basic concepts about ID and

, 175–180

centralized model

, 194

challenges

, 198

components of digital ID system

, 185

ensuring access to digital financial services through

, 134–135

federated model

, 195–196

in financial services

, 180–185

financial services

, 193–194

foundational ID, national ID and functional ID

, 176–177

ID lifecycle in financial services

, 181

individual digital ID vs. corporate digital ID

, 180

key enabler of digital ID schemes

, 196–198

layer

, 163, 166, 168

management and maintenance

, 185

onboarding

, 183–184

open-market model

, 195

physical ID vs. digitized ID vs. digital ID

, 178–179

registration and Issuance

, 181–182

role of central banks in development of digital ID schemes

, 196–197

self-sovereign model

, 196

Digital infrastructures

, 143–144

lessons learnt from architectural models of

, 168–173

Digital literacy and new skills

, 303–304

Digital Markets Act

, 296

Digital onboarding

, 147, 193

Digital payments

, 73, 151–152

catalyst for change

, 220–221

central banks in digital payment landscape

, 219–221

cross-border payments

, 215–219

infrastructures

, 143–144, 202

layer

, 164, 166, 168

owner and operator of payment infrastructures

, 221

regulatory oversight

, 219–220

retail payments

, 202–211

RTGS renewal

, 214–215

RTGS system

, 213–214

systems

, 170

wholesale, large-value payments

, 213–215

Digital retail payments

, 202–203

Digital sandboxes

, 311

Digital services competition

, 35–36

Digital transformation

, 297–304

augmenting staff with data, tools and skills

, 298

data storage, management and analytics

, 299–301

digital literacy and new skills

, 303–304

improving data management lifecycle

, 298–301

transformation of data collection

, 298–299

Digital world

, 62, 65

Digital-only, branchless banks (see Virtual banks)

Digitalization

, 178, 214, 294, 303

of central banks

, 297

of financial services

, 66–67, 135

Digitally transformed incumbent banks

, 19–20

Digitized ID

, 178–179

Disintermediation

, 269–270

Distributed architecture

, 171

Distributed denial of service (DDoS)

, 51

Distributed ledger technology (DLT)

, 8, 13–14, 30, 33–34, 42, 62, 242, 246, 308

Banque de France’s conceptual models of wholesale CBDC provision on

, 255

and roles in CBDC

, 244–245

self-sovereign ID with

, 191

Distributed models

, 166, 168, 231, 255

advantages

, 171–172

of digital infrastructures

, 171–173

disadvantages

, 172–173

of open banking

, 236–237

technical frameworks and standards

, 167

trust framework

, 237

Domestic faster payments

, 2

E-commerce

, 31, 36

E-money

, 204

schemes

, 166

E-money tokens (EMTs)

, 110

E-Wallets

, 204

payments

, 49–50

Eastern Caribbean Central Bank (ECCB)

, 276

Ecosystems

, 36

Electronic Chinese Yuan (e-CNY)

, 246, 317–318

programmability use case

, 283

wallets

, 279

Embedded finance

, 30–31, 36

Emerging financial landscape, new business models at core of

, 29–35

Emerging new technologies

, 1

Entity-based regulation, augmenting activity-based regulation with

, 91–93

Entity–based approach

, 91, 93

Estonia Digital ID

, 179

Ether

, 104–105, 107, 168

Ethereum blockchain

, 14

EU Digital Markets Act (EU DMA)

, 69, 84, 87–88, 92, 126

EU Digital Services Act (EU DSA)

, 84

EU Payment Services Directive (PSD)

, 89

EU’s Digital Operational Resilience (DORA)

, 129, 131–132, 137

key issues related to use of cloud in financial services

, 132

EU’s General Data Protection Regulation (GDPR)

, 49, 123–124, 126

consent

, 125

customers’ rights

, 125

data breach and notification

, 125

data governance

, 124–125

definition of personal data

, 124

penalties for non-compliance

, 125–126

responsibility of financial services providers

, 124

European Central Bank (ECB)

, 300, 303

European Investment Bank

, 34

European Union (EU)

, 85–87

AI Act

, 126

cryptoassets and stablecoins regulations in

, 110

Digital ID Wallet

, 192

European Union’s Markets in Cryptoassets Regulation (MiCA)

, 110

European Union’s regulatory approach, The

, 84

European Union’s revised Payment Services Directive (PSD2)

, 88–89

Exchange trade funds (EFTs)

, 47

External innovation promotion

, 310–316

Externalities

, 308

Face-to-face payments

, 203

Facebook platform

, 45

Facilitators (see Innovation hubs)

Faster payments

, 202–204, 206–207, 209, 211

central banks in

, 209–211

open banking payments via

, 206

as retail digital payment infrastructure

, 205

systems linkages

, 218–219

Federal Deposit Insurance Corporation scheme (FDIC scheme)

, 47

Federal Reserve

, 272

Novel Activities Supervision Program

, 110

Federated ID system

, 187–188

Federated model

, 166, 195–196

of digital ID

, 188–189

FedNow

, 155

Financial crisis (2008–2009)

, 94

Financial exclusion

, 48, 52, 54, 72, 134, 137

ensuring access to digital financial services through Digital ID

, 134–135

ensuring physical access to financial services

, 135–137

and implications on monetary and financial stability

, 66–67

Financial inclusion

, 54, 180

open banking as platform for

, 227

open digital infrastructures for

, 149

Financial institutions

, 125

stability

, 297

Financial Institutions Act

, 78

Financial market infrastructures (FMIs)

, 129

CPMI-IOSCO guidance on cyber resilience for

, 130–131

Financial products

, 1

Financial regulators

, 91

Financial sector

, 1

Financial services

, 52–53, 71–72, 138, 184, 193–194

to address challenges in digital financial landscape

, 144

agent banking

, 136–137

banking hubs

, 136

changing demand and supply of

, 27–29

composability of

, 29

digital ID architectural models and implications on use cases in

, 193–194

digital ID in

, 180–185

ensuring physical access to

, 135–137

example steps in usage and provision of digital financial services

, 147

ID lifecycle in

, 181

key issues related to use of cloud in

, 132

layers and functionalities of open digital infrastructures for

, 144–147

open digital infrastructures for

, 149–156

open digital infrastructures in

, 143–147

providers

, 9, 36, 51, 124–125, 131, 175, 182

regulations

, 83–85

white label ATMs

, 136

Financial Services Commission (FSC)

, 233

Financial stability

, 1, 59, 67, 297

customers’ data rights and implications on

, 64–65

cybersecurity and implications on

, 65–66

ethical use of AI and implications on

, 65

financial exclusion and implications on

, 66–67

shadow banking and implications on financial stability

, 61

singleness of money and implications on

, 63–64

walled gardens and implications on

, 60–61

Financial Stability Board (FSB)

, 216

Financial Stability Oversight Council (FSOC)

, 93

Findex Survey Team

, 180

FinTech

, 9, 11, 15–16, 28

cross-border payments

, 219

ecosystems

, 76–77

firms

, 2, 31, 92, 219

Foreign exchange (FX)

, 215

Foundational ID system

, 176–177, 183

Fraud

, 52–53

Fully offline

, 279

Functional ID

, 176–177

Gatekeepers

, 87

General Data Protection Regulations (GDPR)

, 70–71

General Sales Tax (GST)

, 282

Global banks

, 113

Global digital regulatory reporting initiatives

, 300

Goals–based regulations, better balance between rules-based and

, 295–297

Google

, 28

Governance

, 249–250, 285–286

Government agencies

, 181–182

Government-to-person payments (G2P payments)

, 152

Hackathons

, 310, 316

Helvetia Project

, 252

High inflationary pressures

, 60

HM Revenue and Customs (HMRC)

, 228

Hong Kong Monetary Authority (HKMA)

, 164

Hybrid DLT platforms

, 245

Identity (ID)

, 54, 175

basic concepts

, 175–180

and financial inclusion

, 180

lifecycle in financial services

, 181

Identity Providers (IdPs)

, 185

Implementation level

, 231

centralized models

, 235

decentralized models

, 233–234

distributed models

, 236–237

open banking

, 232–237

Incumbent banks

, 36

Independent Evaluation Office (IEO)

, 299–301

India Protection Bill (2021)

, 124

India Stack

, 149

India’s Aadhaar

, 177

Individual digital ID

, 180

Information and communication technology (ICT)

, 129

Innovation

, 76–77, 307

central bank governance with regards to innovation promotion

, 318–319

labs

, 317

open banking as platform for

, 227

promotion and risk mitigation

, 309–317

rationale for central banks to engage in innovation work

, 308–309

Innovation hubs

, 310

Innovation offices units (see Innovation hubs)

Innovative products at lower costs

, 28–29

Insurance

, 23–24

Integration model

, 255

Interbank payments

, 249–250

Intermittent offline

, 279

Internal capabilities

, 3

Internal innovation promotion

, 316–317

International financial organizations

, 93

International Monetary Fund (IMF)

, 14, 93, 104–105

Interoperability

, 85, 87, 162, 284–285

benefits of

, 162–163

model

, 255

Inthanon-LionRock Project

, 249

Investment

, 22–23

JAM Trinity

, 149

Jasper-Ubin Project

, 249

JPMorgan

, 113–114

Jurisdictions

, 62, 88, 104–105, 129, 134, 149, 202

cryptoassets to be used as means of payments in

, 104–105

Kaspi Bank

, 43–44

Kiva protocol

, 191

Know-your-customer (KYC)

, 54, 72–73, 113, 134, 144, 146, 180, 220, 274

Large-value payments

, 213–215

Law-based tools

, 78

‘Le Lab’

, 317

Legal contexts

, 155–156

Legal issues of Retail CBDC

, 285–286

Legal power

, 78

Legal tender, adopting cryptoasset as

, 104–105

Legislation level

, 231

descriptive approach

, 232

open banking

, 231–232

prescriptive approach

, 231–232

Lending

, 23

Level–playing field

, 85, 87, 89

Libra

, 45–46

dollars

, 46

Euros

, 46

project

, 62

Liquidity provision

, 249–250

Magyar Nemzeti Bank

, 317

Managed privacy for retail CBDC

, 281

Market jurisdictions

, 176–177

Market-led approach

, 155–156

MasterCard

, 62, 204

mBridge Project

, 249–250, 263–264

and dealing with Policy Trilemma

, 262

Means of payments

cryptoassets as

, 104–107

in jurisdiction

, 104–105

outside regulatory space

, 104–105

specific ban on cryptoassets for use as

, 104–105

Meridian Project

, 256

MiCA

, 110

Microservices

, 162

Minimum viable products (MVPs)

, 315

Mode of operations

, 295–297

better balance between rules-based and goals-based regulations

, 295–297

embracing innovations, experimentation and testing

, 295

embracing roles of collaborator and coordinator

, 297

Modularity

, 162

benefits of

, 162–163

Monetary Authority of Singapore (MAS)

, 104–105, 111, 248–249

Monetary sovereignty

, 42, 45–46, 70, 103, 107

adopting cryptoasset as legal tender

, 104–105

comprehensive ban on cryptoasset activities

, 104–105

cryptoassets as means of payments

, 104–105

cryptoassets to be used as means of payments in jurisdiction

, 104–105

and implications on monetary stability

, 62–63

leaving use of cryptoassets as means of payments outside regulatory space

, 104–105

specific ban on cryptoassets for use as means of payments

, 104–105

Monetary stability

, 1, 59, 67

customers’ data rights and implications on

, 64–65

cybersecurity and implications on

, 65–66

ethical use of AI and implications on

, 65

financial exclusion and implications on

, 66–67

monetary sovereignty and implications on

, 62–63

singleness of money and implications on

, 63–64

walled gardens and implications on

, 60–61

Money

CBDC as new digital form of

, 245–247

evolution of

, 243–244

singleness of

, 46–47, 107, 116

Multi-currency CBDC system (mCBDC system)

, 249–250

Multi-factor authentication (MFA)

, 184

Multi-jurisdiction sandboxes (see Cross-border sandboxes)

Multiple CBDCs

in single mCBDC system

, 249–250

systems

, 249–250

MYBank

, 13, 18–19

Narrow banking

, 116

National Digital ID scheme (NDID scheme)

, 182, 189

National Digital Identity (NDI)

, 187

National ID

, 176–177

Near-Field Communication (NFC)

, 279

NetsUnion Clearing Corporation

, 86

Network effects

, 42

New business models

Banks’ Super App

, 33

BigTech Super App

, 32–33

composability of

, 29

at core of emerging financial landscape

, 29–35

DeFi and Tokenisation

, 33–35

embedded finance

, 31

implications of

, 35–36

virtual banking

, 31–32

New technologies

, 8–14

impact of

, 13–14

new technologies-based programmable payments

, 246

New types of players

, 15–21

impact of

, 21

New types of products

, 21–24

impact of

, 24

Nigerian Inter-Bank Settlement System (NIBBS)

, 235

NIST Cybersecurity Framework

, 129–130, 137

NIST Cybersecurity Framework 2.0

, 137

Non systemic stablecoins

, 111

Non-banks

, 91

participation in faster payments

, 212

Non-compliance, penalties for

, 125–126

Non-financial firms

, 31

Office for Digital Identities and Attributed (ODIA)

, 135

Offline CBDC Payments

, 279

Omnibus Accounts Policy

, 253

Onboarding

, 147, 183–184

‘One Mission, One Bank’

, 299–301

One-time-passwords (OTP)

, 184

Online payment market

, 86

Open banking

, 69, 73–74, 89–90, 154, 225, 227

API

, 12

commonalities

, 230

data sharing

, 226

differences

, 230–231

different flavours of

, 230–237

and impacts on virtual banking and banks’ super apps

, 37

implementation level

, 232–237

initiatives

, 49, 88–89, 126

legislation level

, 231–232

lessons learnt from different flavours of

, 90–91

to open finance and smart data

, 237–238

payment initiation

, 227

payments via faster payments

, 206

as platform for competition, innovation and financial inclusion

, 227

use cases

, 228

Open Banking Implementation Entity (OBIE)

, 88–89

Open digital infrastructures

, 3, 77, 161–162

Brazil’s PIX and open finance

, 156

CBDC

, 74

data sharing

, 73–74

different cultural contexts

, 154

different legal and regulatory contexts

, 155–156

digital ID

, 73

digital payments

, 73

for financial inclusion

, 149

in financial services

, 143–147

as helper to address challenges in digital financial landscape

, 144

layers and functionalities of

, 144–147

in practice

, 149–156

promotion of

, 72–74

starting pain points

, 149–152

Thailand’s PromptPay and QR Code Standard

, 152

United Kingdom’s open banking and open finance

, 154

Open finance

, 69, 73–74, 154, 156

infrastructures

, 155–156

open banking to

, 237–238

Open market model

, 166

Open retail digital payments infrastructures

, 73

Open-market ID system

, 187

Open-market model

, 195

Open–loop digital infrastructures

, 145

Operational resilience

, 133–134

Ownership of entities

, 78

Payment infrastructures, owner and operator of

, 221

Payment initiation

, 227

Payment Initiation Service Providers (PISPs)

, 89

Payment Initiation Services (PIS)

, 89

Payment Service Providers

, 154, 275

Payment Services Directive (PSD)

, 231–232

Payment Services Directive Two (PSD2)

, 126, 231–232

Payment Systems Act

, 78

Payment versus payment ((PvP)

, 215, 249–250, 253, 265

Payments

, 22, 147, 193

Payments System Regulators (PSR)

, 110

Payments versus payment mechanisms (PvP mechanisms)

, 262

PayNow

, 152

Peer-to-peer payments 24/7

, 251

Peer–to–peer settlement

, 245

People’s Bank of China (PBoC)

, 43, 86, 246–247, 271, 317–318

Personal data

, 49

definition of

, 124

Personal identification numbers (PINs)

, 203

Physical banknote

, 310–316

Physical ID

, 178–179

PIX

, 155–156

Point-of-sale machines (POS machines)

, 203

Policy implementation

, 78

Policy objectives, Bank of England’s use of data to support

, 301

Policy sandboxes

, 310–311

Policy trilemma

dealing with

, 262

project mBridge and dealing with

, 262

Post-transaction

, 147

Pre-DLT programmable payments

, 246

Pre-Paid Cards

, 204

Prescriptive approach

, 231–232

Privacy

, 195

tradeoff between scalability and

, 249–250

Private DLT platforms

, 245

Product-testing sandboxes

, 310

Programmable money

, 246

Programmable payments

, 246

PromptPay

, 151–152

PromptPay-PayNow

, 153

Proof of concept (PoC)

, 315

Prudential Regulation Authority (PRA)

, 115, 133, 304

Pseudonymity

, 195

Public DLT platforms

, 245

Public goods

, 309

Public key infrastructure (PKI)

, 187

Quick Response (QR)

, 86, 311

Code Standard

, 152

Real time settlement

, 208

Real–time gross settlement (RTGS)

, 147, 202, 213–214, 309

renewals

, 214–215, 222

system

, 169

Regulations

, 78, 285–286

Regulatory approaches

, 104

Regulatory compliance (RegTech)

, 295

Regulatory contexts

, 155–156

Regulatory space

incorporating stablecoins into

, 109–113

leaving use of cryptoassets as means of payments outside

, 104–105

Regulatory technology (RegTech)

, 76–77, 311

Relying Parties (RPs)

, 185

Reserve Bank of Australia

, 317

Resilience

, 74–75

mindset

, 295

stability-at-all-cost, need to shift towards

, 294

Retail CBDC

, 269

as ‘digital banknotes’

, 276–277

current stages of

, 270–273

decentralized programmability

, 282–283

future of

, 284–286

key characteristics of retail CBDC projects

, 273–283

managed privacy for

, 281

as two-tier architecture

, 274–276

wallet size limits for

, 277–279

Retail digital payment infrastructure, faster payments as

, 205

Retail payments

, 202–211

card payments

, 203

card payments vs. closed-loop payments vs. faster payments

, 202–203

clearing

, 208

closed-loop payments

, 204

faster payments

, 204, 206–207, 209, 211

faster payments as retail digital payment infrastructure

, 205

ownership, access, competition and adoption considerations

, 211

roles of central banks in faster payments

, 209–211

settlement

, 208

Return on equity (ROE)

, 28

Reusability

, 195

Risk mitigation

, 309–317

Rosalind Project

, 282–283

Rules–based regulations, better balance between goals-based regulations and

, 295–297

Sandboxes

, 316–317

operations

, 312

Savings

, 22–23

Scalability

, 173

tradeoff between privacy and

, 249–250

Self-sovereign digital ID system

, 190

Self-sovereign model

, 196

Self–sovereign ID

with DLT

, 191

system

, 189–190

Settlement

, 208

Shadow banking

, 42, 47, 69, 91, 93

augmenting activity-based regulation with entity-based regulation

, 91–93

and implications on financial stability

, 61

specific measures to address shadow banking in China’s BigTech Super Apps

, 94

Shared ledgers

, 114

Silicon Valley Bank (SVB)

, 47, 60

Singapore’s Singpass

, 187

Single bank ledgers

, 114

Single mCBDC system, integrating multiple CBDCs in

, 249–250

Single Supervisory Mechanism (SSM)

, 299–301

Single-currency stablecoins

, 46

Singleness of money

, 42, 46–47, 70, 107, 116

cryptoassets and stablecoins regulations in European Union

, 110

ensuring singleness of money through regulatory updates

, 108–116

and implications on monetary stability and financial stability

, 63–64

incorporating stablecoins into regulatory space

, 104–105

stablecoins

, 108–109

United Kingdom’s framework for deposit-takers on

, 115

SIX Digital Exchange (SDX)

, 252

Small and medium enterprise (SME)

, 33

financing

, 228

Smart contracts

, 8, 245, 249–250

Smart data

, 73–74

open banking to

, 237–238

Smartphones

, 8–9

Social engineering

, 51

Society for Worldwide Interbank Telecommunications system (SWIFT system)

, 217

SWIFT and upgrades

, 217

South African Reserve Bank

, 317

Special economic zone (SEZ)

, 109

Stabilization mechanisms

, 104–107

Stablecoins

, 13–14, 46–47, 69–70, 103, 108–109

regulations in European Union

, 110

into regulatory space

, 104–105

tokenized deposits

, 113–115

United Kingdom’s framework for deposit-takers on

, 115

Staged offline

, 279

Sterling Fnality Payment System

, 253

Supervision

, 78

Supervisory technology (SupTech)

, 76–77, 295, 311

Supply

, 28–29

Sveriges Riksbank

, 317

Synthetic CBDCs

, 111–112, 253

Systemic stablecoins

, 111

Target2-Securities (T2S)

, 255

Tax payment

, 228

Technical issues of Retail CBDC

, 284–285

Technology

evolution of

, 243–244

paradigms

, 161

TechSprints

, 310

Thailand’s Personal Data Protection Act (2022)

, 124

Thematic sandboxes

, 311

Third-party providers (TPPs)

, 89

Third–party risk management

, 132

Token-based CBDC

, 248

Tokenization

, 30, 33, 35, 38, 108

Tokenized assets

, 23, 35

Tokenized cash

, 34–35

Tokenized deposits

, 42, 70, 103, 107–108, 113, 115

possible variations of tokenized deposit initiatives

, 114

as transferable liabilities of issuing banks

, 116–117

United Kingdom’s framework for deposit-takers on

, 115

Tradeoff between privacy and scalability

, 249–250

Traditional banks

, 38–39

Transaction

, 147

Trust Framework

, 185

Trust-based tools

, 78

Trusted data sharing infrastructures

, 144

Two-factor authentication (2FA)

, 89

Two–tier architecture, retail CBDC as

, 274–276

UK faster payment system

, 154

UK Financial Conduct Authority (FCA)

, 93, 110, 133, 298–299, 310

Innovation Hub

, 310

UK Labour Government

, 154

Unified ledger

, 115

Unified Payments Interface (UPI)

, 149

Unique Identification Authority of India (UIDAI)

, 177

United Kingdom’s framework for deposit-takers on stablecoins, tokenized deposits and ensuring singleness of money

, 115

United States

, 29

Universal ledgers

, 114

Unspent transaction output (UTXO)

, 277

US Federal Reserve’s Novel Activities Supervision Program (NAS Program)

, 108–109

US National Institute of Standards and Technology (NIST)’s Cybersecurity Framework

, 129

Users

, 185

Variable recurring payments (VRPs)

, 228

Virtual banking

, 30–32

ecosystem model

, 37

model

, 33, 36

Virtual banks

, 9, 18–19, 28–29

Visa

, 62, 204

Walled gardens

, 42, 44–45, 69, 85, 91

Banks’ Super Apps

, 88–91

BigTech Super Apps

, 85–88

and implications on monetary and financial stability

, 60–61

specific measures to address walled gardens in China’s BigTech Super Apps

, 86

Wallet size limits for retail CBDC

, 277–279

WeBank

, 10, 18–19

WeChat Pay

, 17, 43, 60, 85

White label ATMs

, 136

Wholesale CBDC

, 247–256

Banque de France’s three conceptual models of wholesale CBDC provision on DLT

, 255

challenges

, 251

characteristics

, 249–250

decentralized programmability

, 249–250

liquidity provision

, 249–250

peer-to-peer payments 24/7

, 251

possible implementation models

, 254–256

potential use cases for

, 251–253

reduction in counterparty risks

, 265

stages of wholesale CBDC projects

, 248–249

tradeoff between privacy and scalability

, 249–250

Wholesale payments

, 213, 215, 248

World Bank

, 14, 180, 205

XRP

, 219