Tiered access in RTGS systems: A DLT-based approach

Miguel Cárdenas, Carlos Madeira, Raúl Morales-Resendiz, Miguel Musa, Mario Sanclemente and Leon Sanz-Bunster
Authors registered in the RePEc Author Service: Raul Morales Resendiz

Latin American Journal of Central Banking (previously Monetaria), 2024, vol. 5, issue 1

Abstract: 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.

Keywords: RTGS; DLT; Real time gross settlement; Distributed ledger technology; Blockchain; Payment service providers; Financial market infrastructures; PSPs; FMIs; Central bank digital currencies; CBDC (search for similar items in EconPapers)
JEL-codes: E41 E58 G10 G20 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:lajcba:v:5:y:2024:i:1:s2666143823000376

DOI: 10.1016/j.latcb.2023.100116

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