{ "generatedFrom": "Payments Signal canonical architecture registry", "reviewDate": "2026-07-23", "blueprint": { "id": "architecture-emerging-value", "slug": "cbdc-stablecoin-tokenised-deposit-fx-pvp", "title": "CBDC, stablecoin, tokenised-deposit, FX, payment-versus-payment, CLS, trade-finance, and alternative cross-border architecture", "shortTitle": "Emerging value & FX", "family": "emerging-value", "summary": "Compare the claim, ledger, access, interoperability, foreign-exchange, delivery-versus-payment, and redemption boundaries before calling a token transfer settlement.", "audience": "Payment and digital-money architects, central-bank and commercial-bank teams, treasury, foreign-exchange, trade-finance, risk, legal, and business-analysis teams.", "reviewDate": "2026-07-23", "versionLabel": "Payments Signal reference architecture v1", "status": "current", "nodes": [ { "id": "ev-user", "title": "Customer, institution, or market participant", "kind": "actor", "summary": "Holds a legal claim or authorised access and initiates payment, exchange, redemption, or trade settlement.", "responsibilities": [ "Prove authority over the relevant account, wallet, asset, or obligation", "Understand which entity owes the claim" ], "owner": "Participating customer or institution", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned customer, institution, or market participant contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Participant eligibility", "Identity and entitlement", "Jurisdiction and product rules" ], "failureModes": [ "Wrong participant or wallet", "Unauthorised transfer", "Claim misunderstood" ], "recovery": [ "Stop the instruction", "Restore authority and correct ownership records under the governing arrangement" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "ev-access", "title": "Access, wallet, custody, and participant gateway", "kind": "gateway", "summary": "Protects keys or account access, validates participant eligibility, and submits signed or authenticated instructions.", "responsibilities": [ "Separate customer authority from operator authority", "Protect key, account, and transaction context" ], "owner": "Wallet, custodian, bank, or infrastructure participant", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned access, wallet, custody, and participant gateway contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Identity and entitlement", "Key or credential lifecycle", "Transaction integrity", "Replay prevention" ], "failureModes": [ "Lost key", "Custody outage", "Compromised participant" ], "recovery": [ "Suspend access without destroying the underlying claim", "Recover through the arrangement's authorised process" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-cyber-resilience", "locator": "Protection and recovery", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO cyber-resilience guidance" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "ev-instrument", "title": "Money or settlement-asset issuer", "kind": "external-network", "summary": "Defines the claim, issuance, redemption, backing, liability, and holder rights for central-bank money, tokenised deposits, or stablecoins.", "responsibilities": [ "Issue and redeem only under governing rules", "Keep liability, backing, and holder claim explicit" ], "owner": "Central bank, commercial bank, or arrangement issuer", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned money or settlement-asset issuer contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Issuance authority", "Backing or reserve control", "Reconciliation and attestation", "Redemption terms" ], "failureModes": [ "Unbacked issuance", "Redemption suspended", "Issuer and ledger records diverge" ], "recovery": [ "Stop issuance", "Reconcile liabilities and backing", "Apply resolution and holder-protection arrangements" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-stablecoin-cross-border", "locator": "Governance, legal, settlement, and operational considerations", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI stablecoin cross-border report 2023" }, { "ref": { "sourceId": "bis-tokenisation", "locator": "Token arrangements and settlement assets", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI tokenisation report 2024" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "ev-ledger", "title": "Token, account, or settlement ledger", "kind": "ledger", "summary": "Records ownership or account balances and the state transition that the arrangement recognises.", "responsibilities": [ "Apply an authorised state transition once", "Record ordering, finality condition, and reversal or correction authority" ], "owner": "Ledger or settlement-system operator", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned token, account, or settlement ledger contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Consensus or central ordering", "No double spend", "Balance conservation", "Finality rule" ], "failureModes": [ "Fork or inconsistent state", "Duplicate transfer", "Finality ambiguity" ], "recovery": [ "Pause unsafe finalisation", "Recover from an agreed checkpoint", "Reconcile participant and issuer records" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 8, 9, 10 and 17", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "ev-interoperability", "title": "Interoperability and bridge boundary", "kind": "gateway", "summary": "Moves an instruction or representation between ledgers, account systems, jurisdictions, or technology stacks without pretending the two assets are the same.", "responsibilities": [ "Name lock, burn, mint, escrow, prefunding, messaging, and legal mechanisms precisely", "Prevent value creation from inconsistent cross-system state" ], "owner": "Arrangement operators and participants", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned interoperability and bridge boundary contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Two-sided state proof", "Supply conservation", "Timeout and rollback", "Operator and legal responsibility" ], "failureModes": [ "Source locked but target not issued", "Bridge compromise", "Duplicate representation" ], "recovery": [ "Stop bridge processing", "Prove both sides before release", "Use governed compensation or redemption" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-cbdc-interoperability", "locator": "Compatibility, interlinking, and common-platform options", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "BIS CBDC interoperability report 2022" }, { "ref": { "sourceId": "bis-tokenisation", "locator": "Interoperability and risk", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI tokenisation report 2024" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "ev-fx-pvp", "title": "Foreign-exchange matching and payment-versus-payment control", "kind": "control", "summary": "Links two currency legs so final transfer of one occurs only with final transfer of the other under the arrangement.", "responsibilities": [ "Match both legs and participants", "Enforce payment-versus-payment rather than merely simultaneous message submission" ], "owner": "FX settlement system or linked operators", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned foreign-exchange matching and payment-versus-payment control contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Trade and instruction match", "Currency-leg readiness", "Liquidity and cut-off", "Atomic or conditional finality" ], "failureModes": [ "One leg ready and the other missing", "Liquidity shortfall", "Cut-off missed" ], "recovery": [ "Keep both legs unsettled where the model permits", "Resolve liquidity or cancel under the governing rules" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "cls-settlement", "locator": "Payment-versus-payment settlement", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CLSSettlement public service description" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "ev-asset-leg", "title": "Asset, document, or trade obligation", "kind": "ledger", "summary": "Represents the security, commodity, invoice, document, or trade obligation exchanged against payment.", "responsibilities": [ "Prove entitlement and transfer conditions", "Link delivery state to the cash leg where delivery-versus-payment is intended" ], "owner": "Market infrastructure, custodian, registry, or trade platform", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned asset, document, or trade obligation contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Asset authenticity", "Transfer restriction", "Delivery-versus-payment condition", "Document and title control" ], "failureModes": [ "Asset unavailable", "Document discrepancy", "Cash and asset states diverge" ], "recovery": [ "Hold both legs when possible", "Open an exception with legal and operational ownership" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "ev-compliance", "title": "Policy, compliance, risk, and privacy controls", "kind": "control", "summary": "Applies participation, financial-crime, data, monetary, prudential, consumer, and market rules appropriate to the arrangement.", "responsibilities": [ "Apply controls to the actual parties, claims, assets, and jurisdictions", "Keep privacy and audit requirements compatible" ], "owner": "Issuer, participant, operator, compliance, legal, and risk owners", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned policy, compliance, risk, and privacy controls contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Sanctions and anti-money-laundering", "Limits and eligibility", "Privacy and disclosure", "Governance and change" ], "failureModes": [ "Pseudonym treated as anonymous", "Control absent at bridge", "Rule conflicts across jurisdictions" ], "recovery": [ "Hold or reject under authority", "Escalate legal conflict", "Preserve evidence without unnecessary disclosure" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-stablecoin-cross-border", "locator": "Governance and cross-border considerations", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI stablecoin cross-border report 2023" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] }, { "id": "ev-ops", "title": "Liquidity, settlement, reconciliation, and incident operations", "kind": "operations", "summary": "Monitors positions, funding, ledger state, bridge state, redemption, both FX legs, asset delivery, and external account evidence.", "responsibilities": [ "Identify the last confirmed state on every ledger and claim", "Reconcile issuance, backing, settlement, redemption, and external cash" ], "owner": "Arrangement and participant operations", "inputs": [ "Authorised business instruction and correlated state" ], "outputs": [ "Versioned result, status, and audit evidence" ], "interfaceContracts": [ "Versioned liquidity, settlement, reconciliation, and incident operations contract", "Stable identifier, state, error, and audit contract" ], "controls": [ "Multi-ledger reconciliation", "Liquidity thresholds", "Incident authority", "No unsupported replay" ], "failureModes": [ "Token moves but bank cash does not", "Redemption queue ages", "One FX leg uncertain" ], "recovery": [ "Freeze affected path", "Trace every claim and ledger", "Recover under the arrangement's legal and technical rules" ], "lenses": [ "applications", "interfaces", "data", "controls", "operations", "resilience" ], "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 7, 8, 17, 23 and 24", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "dataClassification": [ "Payment, message, status, and operational metadata" ], "nonFunctionalRequirements": [ "Durable correlation through stable business and technical identifiers", "Capacity and availability matched to the service-level objective", "Auditable state changes, configuration, and operator actions" ] } ], "interfaces": [ { "id": "ev-e1", "from": "ev-user", "to": "ev-access", "title": "Authorised instruction", "kind": "api", "mode": "synchronous", "purpose": "Submit payment, exchange, delivery, redemption, or issuance intent.", "failureBehaviour": "Reject unclear authority or unsupported asset and jurisdiction.", "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e2", "from": "ev-access", "to": "ev-compliance", "title": "Eligibility and control request", "kind": "control", "mode": "synchronous", "purpose": "Apply participant, transaction, asset, and jurisdiction controls.", "failureBehaviour": "Hold when required controls are unavailable or inconclusive.", "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e3", "from": "ev-compliance", "to": "ev-ledger", "title": "Controlled ledger instruction", "kind": "control", "mode": "asynchronous", "purpose": "Release an authorised state transition.", "failureBehaviour": "Preserve rejected, held, and expired states.", "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e4", "from": "ev-instrument", "to": "ev-ledger", "title": "Issuance and redemption authority", "kind": "posting", "mode": "synchronous", "purpose": "Change instrument supply or liability under governing rules.", "failureBehaviour": "Stop supply change when backing, authority, or reconciliation is uncertain.", "evidence": [ { "ref": { "sourceId": "bis-stablecoin-cross-border", "locator": "Issuance, redemption, and settlement considerations", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI stablecoin cross-border report 2023" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e5", "from": "ev-ledger", "to": "ev-interoperability", "title": "Source-ledger state proof", "kind": "event", "mode": "asynchronous", "purpose": "Prove lock, burn, final transfer, or other source condition.", "failureBehaviour": "Do not create target value from incomplete or unverified source state.", "evidence": [ { "ref": { "sourceId": "bis-cbdc-interoperability", "locator": "Interlinking and common-platform options", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "BIS CBDC interoperability report 2022" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e6", "from": "ev-interoperability", "to": "ev-ledger", "title": "Target-ledger action", "kind": "posting", "mode": "asynchronous", "purpose": "Complete the governed cross-system action without duplicating supply.", "failureBehaviour": "Use timeout and compensation rules for incomplete two-sided state.", "evidence": [ { "ref": { "sourceId": "bis-tokenisation", "locator": "Interoperability and risk", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI tokenisation report 2024" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e7", "from": "ev-ledger", "to": "ev-fx-pvp", "title": "Currency-leg readiness", "kind": "settlement", "mode": "asynchronous", "purpose": "Make each matched currency leg ready for conditional settlement.", "failureBehaviour": "Keep the pair unsettled when required readiness or liquidity is missing.", "evidence": [ { "ref": { "sourceId": "cls-settlement", "locator": "Payment-versus-payment principle", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CLSSettlement public service description" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e8", "from": "ev-fx-pvp", "to": "ev-ledger", "title": "PvP settlement release", "kind": "settlement", "mode": "synchronous", "purpose": "Finalise both currency legs under the arrangement's PvP rule.", "failureBehaviour": "Record and resolve any residual uncertainty before participant credit.", "evidence": [ { "ref": { "sourceId": "cls-settlement", "locator": "Payment-versus-payment settlement", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CLSSettlement public service description" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e9", "from": "ev-ledger", "to": "ev-asset-leg", "title": "Delivery-versus-payment condition", "kind": "settlement", "mode": "synchronous", "purpose": "Coordinate cash and asset delivery when the arrangement supports it.", "failureBehaviour": "Keep delivery and payment states visible if atomicity is unavailable.", "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e10", "from": "ev-ledger", "to": "ev-ops", "title": "Ledger, liability, and settlement evidence", "kind": "event", "mode": "asynchronous", "purpose": "Reconcile instrument supply, claims, transactions, backing, and external settlement.", "failureBehaviour": "Stop reopening when ledgers or backing do not reconcile.", "evidence": [ { "ref": { "sourceId": "bis-cpmi-pfmi", "locator": "Principles 17, 23 and 24", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI-IOSCO Principles for financial market infrastructures" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] }, { "id": "ev-e11", "from": "ev-interoperability", "to": "ev-ops", "title": "Cross-system exception", "kind": "event", "mode": "asynchronous", "purpose": "Open a case when two systems disagree or time out.", "failureBehaviour": "Keep both states and operator actions immutable.", "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "controls": [ "Authentication and authorisation", "Integrity and replay protection", "Correlation and audit evidence" ], "lenses": [ "interfaces", "data", "ledger", "controls", "operations", "resilience" ], "dataClassification": [ "Payment instruction, status, and correlation metadata" ] } ], "views": [ { "id": "context", "label": "Context", "plainPurpose": "Who depends on the architecture, which external service it reaches, and where value ultimately moves.", "nodeIds": [ "ev-user", "ev-instrument", "ev-ledger", "ev-asset-leg" ], "interfaceIds": [ "ev-e4", "ev-e9" ], "placements": { "ev-user": { "x": 80, "y": 100, "width": 244, "height": 126 }, "ev-instrument": { "x": 444, "y": 100, "width": 244, "height": 126 }, "ev-ledger": { "x": 808, "y": 100, "width": 244, "height": 126 }, "ev-asset-leg": { "x": 80, "y": 326, "width": 244, "height": 126 } }, "boundaries": [ { "id": "context-bank-boundary", "label": "Institution-controlled boundary", "nodeIds": [ "ev-user", "ev-ledger", "ev-asset-leg" ], "kind": "ownership" } ] }, { "id": "container", "label": "Container", "plainPurpose": "The major applications, stores, gateways, controls, and operational ownership boundaries.", "nodeIds": [ "ev-access", "ev-instrument", "ev-ledger", "ev-interoperability", "ev-fx-pvp", "ev-asset-leg", "ev-compliance", "ev-ops" ], "interfaceIds": [ "ev-e2", "ev-e3", "ev-e4", "ev-e5", "ev-e6", "ev-e7", "ev-e8", "ev-e9", "ev-e10", "ev-e11" ], "placements": { "ev-access": { "x": 80, "y": 100, "width": 196, "height": 126 }, "ev-instrument": { "x": 376, "y": 100, "width": 196, "height": 126 }, "ev-ledger": { "x": 672, "y": 100, "width": 196, "height": 126 }, "ev-interoperability": { "x": 968, "y": 100, "width": 196, "height": 126 }, "ev-fx-pvp": { "x": 80, "y": 326, "width": 196, "height": 126 }, "ev-asset-leg": { "x": 376, "y": 326, "width": 196, "height": 126 }, "ev-compliance": { "x": 672, "y": 326, "width": 196, "height": 126 }, "ev-ops": { "x": 968, "y": 326, "width": 196, "height": 126 } }, "boundaries": [ { "id": "container-bank-boundary", "label": "Institution-controlled boundary", "nodeIds": [ "ev-access", "ev-ledger", "ev-interoperability", "ev-fx-pvp", "ev-asset-leg", "ev-compliance", "ev-ops" ], "kind": "ownership" } ] }, { "id": "component", "label": "Component", "plainPurpose": "The processing responsibilities and interface contracts that must cooperate for one payment.", "nodeIds": [ "ev-user", "ev-access", "ev-instrument", "ev-ledger", "ev-interoperability", "ev-fx-pvp", "ev-asset-leg", "ev-compliance", "ev-ops" ], "interfaceIds": [ "ev-e1", "ev-e2", "ev-e3", "ev-e4", "ev-e5", "ev-e6", "ev-e7", "ev-e8", "ev-e9", "ev-e10", "ev-e11" ], "placements": { "ev-user": { "x": 80, "y": 100, "width": 196, "height": 126 }, "ev-access": { "x": 376, "y": 100, "width": 196, "height": 126 }, "ev-instrument": { "x": 672, "y": 100, "width": 196, "height": 126 }, "ev-ledger": { "x": 968, "y": 100, "width": 196, "height": 126 }, "ev-interoperability": { "x": 80, "y": 326, "width": 196, "height": 126 }, "ev-fx-pvp": { "x": 376, "y": 326, "width": 196, "height": 126 }, "ev-asset-leg": { "x": 672, "y": 326, "width": 196, "height": 126 }, "ev-compliance": { "x": 968, "y": 326, "width": 196, "height": 126 }, "ev-ops": { "x": 80, "y": 552, "width": 196, "height": 126 } }, "boundaries": [ { "id": "component-bank-boundary", "label": "Institution-controlled boundary", "nodeIds": [ "ev-user", "ev-access", "ev-ledger", "ev-interoperability", "ev-fx-pvp", "ev-asset-leg", "ev-compliance", "ev-ops" ], "kind": "ownership" } ] }, { "id": "deployment", "label": "Deployment", "plainPurpose": "The trust zones, runtime dependencies, external connections, and recovery boundaries.", "nodeIds": [ "ev-access", "ev-instrument", "ev-ledger", "ev-interoperability", "ev-asset-leg" ], "interfaceIds": [ "ev-e4", "ev-e5", "ev-e6", "ev-e9" ], "placements": { "ev-access": { "x": 80, "y": 100, "width": 244, "height": 126 }, "ev-instrument": { "x": 444, "y": 100, "width": 244, "height": 126 }, "ev-ledger": { "x": 808, "y": 100, "width": 244, "height": 126 }, "ev-interoperability": { "x": 80, "y": 326, "width": 244, "height": 126 }, "ev-asset-leg": { "x": 444, "y": 326, "width": 244, "height": 126 } }, "boundaries": [ { "id": "deployment-bank-boundary", "label": "Institution-controlled boundary", "nodeIds": [ "ev-access", "ev-ledger", "ev-interoperability", "ev-asset-leg" ], "kind": "ownership" } ] } ], "traces": [ { "id": "ev-pvp-exchange", "label": "Two-leg payment-versus-payment exchange", "summary": "Follow two currency claims from authorised access to matched, conditional final settlement and reconciliation.", "viewId": "component", "steps": [ { "id": "ev-pvp-exchange-step-1", "title": "Submit the exchange", "nodeId": "ev-user", "interfaceId": "ev-e1", "plainExplanation": "The participant identifies both currency claims, parties, amounts, and settlement conditions.", "businessState": "Two-leg intent created" }, { "id": "ev-pvp-exchange-step-2", "title": "Prove authority", "nodeId": "ev-access", "interfaceId": "ev-e2", "plainExplanation": "The access layer proves who may move each claim.", "businessState": "Participant and instruction authenticated" }, { "id": "ev-pvp-exchange-step-3", "title": "Apply controls", "nodeId": "ev-compliance", "interfaceId": "ev-e3", "plainExplanation": "Policy and compliance controls apply to parties, claims, jurisdictions, and arrangement.", "businessState": "Instruction eligible" }, { "id": "ev-pvp-exchange-step-4", "title": "Make both legs ready", "nodeId": "ev-ledger", "interfaceId": "ev-e7", "plainExplanation": "Each ledger or account system records readiness without finalising only one side.", "businessState": "Currency legs matched and funded" }, { "id": "ev-pvp-exchange-step-5", "title": "Settle payment versus payment", "nodeId": "ev-fx-pvp", "interfaceId": "ev-e8", "plainExplanation": "The control releases one currency leg only with the other.", "businessState": "Both legs final under the arrangement" }, { "id": "ev-pvp-exchange-step-6", "title": "Record final ownership", "nodeId": "ev-ledger", "interfaceId": "ev-e10", "plainExplanation": "Both settlement records and participant positions now reflect the exchange.", "businessState": "Ledger states final", "ledgerEffect": "Two linked currency-leg debits and credits recorded." }, { "id": "ev-pvp-exchange-step-7", "title": "Reconcile claims and settlement", "nodeId": "ev-ops", "plainExplanation": "Participants reconcile matched instructions, both ledger outcomes, fees, liquidity, and external evidence.", "businessState": "Exchange reconciled" } ], "evidence": [ { "ref": { "sourceId": "cls-settlement", "locator": "Payment-versus-payment principle", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CLSSettlement public service description" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ] } ], "stressCases": [ { "id": "ev-stress-one-leg", "label": "Only one FX leg is ready", "trigger": "One currency leg lacks liquidity or valid settlement authority.", "divergesAfterStepId": "ev-pvp-exchange-step-4", "traceId": "ev-pvp-exchange", "affectedNodeIds": [ "ev-ledger", "ev-fx-pvp", "ev-ops" ], "affectedInterfaceIds": [ "ev-e7", "ev-e8" ], "lastConfirmedState": "The pair is matched; only one leg is ready.", "settlementState": "Payment-versus-payment settlement has not completed.", "fundsState": "Neither leg should be treated as final under the illustrated PvP control.", "owner": "FX settlement operations", "safeAction": "Keep the pair unsettled, resolve liquidity or eligibility, and apply cut-off or cancellation rules.", "requiredEvidence": [ "Matched instruction", "Both ledger states", "Liquidity position", "Cut-off and rule" ], "recoverySteps": [ "Fund or correct the missing leg", "Settle both or expire/cancel under rules", "Reconcile positions" ], "evidence": [ { "ref": { "sourceId": "cls-settlement", "locator": "Payment-versus-payment settlement", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CLSSettlement public service description" } ] }, { "id": "ev-stress-bridge", "label": "Cross-ledger bridge stops halfway", "trigger": "Source value is locked or burned but the target action is not confirmed.", "divergesAfterStepId": "ev-pvp-exchange-step-5", "traceId": "ev-pvp-exchange", "affectedNodeIds": [ "ev-ledger", "ev-interoperability", "ev-ops" ], "affectedInterfaceIds": [ "ev-e5", "ev-e6", "ev-e11" ], "lastConfirmedState": "The source-side condition is recorded; target-side state is uncertain.", "settlementState": "Cross-system settlement is incomplete.", "fundsState": "The user's usable value may be unavailable on both sides until recovery.", "owner": "Interoperability incident command", "safeAction": "Freeze the affected path and prove both ledger states before compensation, mint, unlock, or refund.", "requiredEvidence": [ "Source proof", "Target proof", "Bridge event sequence", "Operator authority" ], "recoverySteps": [ "Recover target or apply governed compensation", "Reconcile supply and liabilities", "Reopen only after two-sided proof" ], "evidence": [ { "ref": { "sourceId": "bis-cbdc-interoperability", "locator": "Interlinking risks and design options", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "BIS CBDC interoperability report 2022" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ] }, { "id": "ev-stress-redemption", "label": "Redemption cannot complete", "trigger": "The token is surrendered but external bank-money payment is delayed or rejected.", "divergesAfterStepId": "ev-pvp-exchange-step-6", "traceId": "ev-pvp-exchange", "affectedNodeIds": [ "ev-instrument", "ev-ledger", "ev-ops" ], "affectedInterfaceIds": [ "ev-e4", "ev-e10" ], "lastConfirmedState": "Redemption request and token state are recorded.", "settlementState": "External cash settlement is not confirmed.", "fundsState": "The holder's token and issuer liability treatment depends on the governing arrangement.", "owner": "Issuer treasury and redemption operations", "safeAction": "Do not mark redemption paid; preserve the claim and apply documented retry, reinstatement, or refund treatment.", "requiredEvidence": [ "Redemption ID", "Token burn or lock state", "Bank payment status", "Backing and liability records" ], "recoverySteps": [ "Resolve external payment", "Restore or reissue claim if rules require", "Reconcile supply, backing, and holder record" ], "evidence": [ { "ref": { "sourceId": "bis-stablecoin-cross-border", "locator": "Redemption and settlement considerations", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI stablecoin cross-border report 2023" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ] } ], "overlays": [ { "id": "ev-overlay-cls", "label": "CLS payment-versus-payment", "summary": "Show matched foreign-exchange instructions, both currency legs, liquidity, PvP release, and reconciliation.", "nodeIds": [ "ev-user", "ev-access", "ev-compliance", "ev-ledger", "ev-fx-pvp", "ev-ops" ], "interfaceIds": [ "ev-e1", "ev-e2", "ev-e3", "ev-e7", "ev-e8", "ev-e10" ], "relatedFlowIds": [ "flow-cls-pvp" ], "evidence": [ { "ref": { "sourceId": "cls-settlement", "locator": "Payment-versus-payment settlement", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CLSSettlement public service description" } ], "coverageGap": "Detailed participant interfaces, currencies, schedules, funding, and failure procedures require current CLS service documentation." }, { "id": "ev-overlay-wholesale-cbdc", "label": "Wholesale CBDC experiment", "summary": "Show participant access, central-bank liability, ledger finality, interoperability, controls, and operations without assuming production deployment.", "nodeIds": [ "ev-user", "ev-access", "ev-instrument", "ev-ledger", "ev-interoperability", "ev-compliance", "ev-ops" ], "interfaceIds": [ "ev-e1", "ev-e2", "ev-e3", "ev-e4", "ev-e5", "ev-e6", "ev-e10", "ev-e11" ], "relatedFlowIds": [ "flow-wholesale-cbdc" ], "evidence": [ { "ref": { "sourceId": "bis-cbdc-interoperability", "locator": "CBDC access and interoperability design options", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "BIS CBDC interoperability report 2022" } ], "coverageGap": "The flow is synthetic and does not represent a live central-bank digital-currency scheme." }, { "id": "ev-overlay-trade", "label": "Trade-finance and delivery-versus-payment pattern", "summary": "Separate documentary or asset obligations from cash, control discrepancies, and coordinate delivery against payment only where supported.", "nodeIds": [ "ev-user", "ev-access", "ev-compliance", "ev-ledger", "ev-asset-leg", "ev-ops" ], "interfaceIds": [ "ev-e1", "ev-e2", "ev-e3", "ev-e9", "ev-e10" ], "relatedFlowIds": [ "flow-letter-of-credit" ], "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "coverageGap": "Documentary-credit law, rules, bank undertakings, document examination, title, and settlement vary; this overlay shows responsibility boundaries only." }, { "id": "ev-overlay-regional", "label": "Alternative cross-border infrastructure", "summary": "Show participant access, multi-currency or regional routing, settlement asset, compliance, liquidity, and reconciliation without inferring unpublished operating rules.", "nodeIds": [ "ev-user", "ev-access", "ev-instrument", "ev-ledger", "ev-interoperability", "ev-compliance", "ev-ops" ], "interfaceIds": [ "ev-e1", "ev-e2", "ev-e3", "ev-e4", "ev-e5", "ev-e6", "ev-e10" ], "relatedFlowIds": [ "flow-cips", "flow-papss", "flow-buna" ], "evidence": [ { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "coverageGap": "CIPS, PAPSS, and Buna have distinct participation, clearing, settlement, currency, and compliance arrangements. Use each operator's current official material for implementation." } ], "decisions": [ { "id": "ev-decision-claim", "question": "What exactly does the holder own or claim?", "options": [ { "label": "Explicit issuer liability", "consequence": "Makes redemption, insolvency, backing, and reporting questions visible." }, { "label": "Technology-only token label", "consequence": "Hides the legal and financial meaning behind a ledger object." } ], "guidance": "Name issuer, holder claim, settlement asset, governing law, redemption right, backing, and finality before choosing technology.", "evidence": [ { "ref": { "sourceId": "bis-tokenisation", "locator": "Token arrangements and underlying claims", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI tokenisation report 2024" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ] }, { "id": "ev-decision-interoperability", "question": "How should two systems coordinate value?", "options": [ { "label": "Governed interlink or common platform", "consequence": "Can make two-sided state explicit but concentrates operational, legal, and security dependencies." }, { "label": "Uncontrolled representation or bridge", "consequence": "May appear simple but can create duplicate supply and unresolved claims." } ], "guidance": "Document source and target state, supply conservation, operator authority, timeout, compensation, finality, and incident ownership.", "evidence": [ { "ref": { "sourceId": "bis-cbdc-interoperability", "locator": "Compatibility, interlinking, and common-platform models", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "BIS CBDC interoperability report 2022" } ] } ], "targets": [ { "type": "flow", "id": "flow-cls-pvp" }, { "type": "flow", "id": "flow-wholesale-cbdc" }, { "type": "flow", "id": "flow-letter-of-credit" }, { "type": "flow", "id": "flow-cips" }, { "type": "flow", "id": "flow-papss" }, { "type": "flow", "id": "flow-buna" } ], "glossaryTermIds": [ "central-bank-digital-currency", "delivery-versus-payment", "foreign-exchange-settlement-risk", "payment-versus-payment", "stablecoin", "tokenised-deposit", "tokenisation", "wholesale-cbdc" ], "evidence": [ { "ref": { "sourceId": "cls-settlement", "locator": "Payment-versus-payment settlement", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CLSSettlement public service description" }, { "ref": { "sourceId": "bis-stablecoin-cross-border", "locator": "Cross-border stablecoin considerations", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI stablecoin cross-border report 2023" }, { "ref": { "sourceId": "bis-tokenisation", "locator": "Token arrangements and risks", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "CPMI tokenisation report 2024" }, { "ref": { "sourceId": "bis-cbdc-interoperability", "locator": "Access and interoperability models", "label": "official-requirement" }, "verifiedDate": "2026-07-23", "versionContext": "BIS CBDC interoperability report 2022" }, { "ref": { "sourceId": "payments-signal-editorial", "locator": "Tokenised money, foreign exchange, and alternative cross-border patterns", "label": "simplified-educational-illustration", "simplifications": "These patterns have different legal claims, issuers, operators, settlement assets, redemption rights, governance, interoperability, access, privacy, and finality. A shared diagram must not imply that they are interchangeable or production-ready." }, "verifiedDate": "2026-07-23", "versionContext": "Payments Signal reference architecture v1" } ], "simplifies": "This blueprint compares architectural questions across foreign-exchange settlement, central-bank digital currency, tokenised deposits, stablecoins, tokenised assets, and trade obligations. It does not say these instruments are equivalent, authorised, interoperable, final, backed, redeemable, or suitable for production." }, "sources": [ { "id": "cls-settlement", "publisher": "CLS Group", "title": "CLSSettlement", "sourceType": "official-standard", "accessedDate": "2026-07-23", "url": "https://www.cls-group.com/products/settlement/clssettlement/", "applicability": "Explains payment-versus-payment settlement for eligible foreign-exchange instructions, in which the two currency legs settle together to mitigate foreign-exchange settlement risk.", "notes": "The public page supports the payment-versus-payment principle and service role. Participant interfaces, schedules, currencies, and detailed operating rules require current official service documentation." }, { "id": "bis-stablecoin-cross-border", "publisher": "Committee on Payments and Market Infrastructures", "title": "Considerations for the use of stablecoin arrangements in cross-border payments", "sourceType": "regulatory-guidance", "publicationDate": "2023-10-31", "accessedDate": "2026-07-23", "url": "https://www.bis.org/cpmi/publ/d220.htm", "applicability": "Examines possible benefits, risks, governance, legal, settlement, interoperability, and operational considerations when stablecoin arrangements are used for cross-border payments.", "notes": "The report is analytical guidance, not an endorsement of a stablecoin arrangement or evidence that a token transfer constitutes final settlement in a particular jurisdiction." }, { "id": "bis-tokenisation", "publisher": "Committee on Payments and Market Infrastructures", "title": "Tokenisation in the context of money and other assets", "sourceType": "regulatory-guidance", "publicationDate": "2024-10-21", "accessedDate": "2026-07-23", "url": "https://www.bis.org/cpmi/publ/d225.htm", "applicability": "Explains token arrangements, governance, settlement assets, interoperability, risks, and design choices for tokenised money and assets.", "notes": "The report supports architecture questions and risk boundaries; it does not make a tokenised deposit, security, or settlement arrangement compliant by design." }, { "id": "bis-cbdc-interoperability", "publisher": "Bank for International Settlements", "title": "Options for access to and interoperability of CBDCs for cross-border payments", "sourceType": "regulatory-guidance", "publicationDate": "2022-07-11", "accessedDate": "2026-07-23", "url": "https://www.bis.org/publ/othp52.htm", "applicability": "Examines access, compatibility, interlinking, and common-platform options for central bank digital currencies in cross-border payments.", "notes": "The report describes design options rather than a production central-bank digital-currency scheme." }, { "id": "payments-signal-editorial", "publisher": "Payments Signal", "title": "Payments Signal editorial teaching models", "sourceType": "educational-simplification", "accessedDate": "2026-07-12", "applicability": "This site's own simplified teaching models.", "notes": "Used wherever diagrams, scenarios, figures, or example values are didactic constructions rather than sourced facts; every such use carries a simplifications disclosure. All people, companies, banks, and list entries in examples are fictional." }, { "id": "bis-cpmi-cyber-resilience", "publisher": "Committee on Payments and Market Infrastructures / IOSCO", "title": "Guidance on cyber resilience for financial market infrastructures", "sourceType": "regulatory-guidance", "accessedDate": "2026-07-23", "url": "https://www.bis.org/cpmi/publ/d146.htm", "applicability": "Sets expectations for governance, identification, protection, detection, response, recovery, testing, situational awareness, and learning at financial market infrastructures.", "notes": "The guidance applies to financial market infrastructures. A bank or payment-service provider should translate the control outcomes into its own regulatory, risk, and operating context." }, { "id": "bis-cpmi-pfmi", "publisher": "CPMI and IOSCO (Bank for International Settlements)", "title": "Principles for financial market infrastructures", "sourceType": "industry-paper", "publicationDate": "2012-04-16", "accessedDate": "2026-07-12", "url": "https://www.bis.org/cpmi/publ/d101.htm", "applicability": "International risk-management standards for systemically important payment systems and other financial market infrastructures.", "notes": "Published by the CPSS (now CPMI) and IOSCO; contains 24 principles plus responsibilities for authorities. This site uses it only for high-level concepts such as settlement finality." } ], "relatedContent": [ { "type": "article", "label": "Central bank digital currency, explained", "href": "/2026/07/18/central-bank-digital-currency-explained", "coverage": "derived" }, { "type": "article", "label": "Central versus commercial bank money", "href": "/2026/07/18/central-versus-commercial-bank-money", "coverage": "derived" }, { "type": "article", "label": "Letters of credit and documentary trade", "href": "/2026/07/18/letters-of-credit-and-documentary-trade", "coverage": "derived" }, { "type": "article", "label": "Stablecoins as a settlement asset", "href": "/2026/07/18/stablecoins-as-a-settlement-asset", "coverage": "derived" }, { "type": "article", "label": "The MT7xx trade finance message family", "href": "/2026/07/18/the-mt7xx-trade-finance-message-family", "coverage": "derived" }, { "type": "article", "label": "Tokenized deposits and the unit of account", "href": "/2026/07/18/tokenized-deposits-and-the-unit-of-account", "coverage": "derived" }, { "type": "flow", "label": "A Buna cross-border payment (Arab region RTGS)", "href": "/explore/buna", "coverage": "direct" }, { "type": "flow", "label": "CIPS cross-border RMB payment", "href": "/explore/cips", "coverage": "direct" }, { "type": "flow", "label": "CLS: payment-versus-payment FX settlement", "href": "/explore/cls-pvp", "coverage": "direct" }, { "type": "flow", "label": "Letter of credit settlement", "href": "/explore/letter-of-credit", "coverage": "direct" }, { "type": "flow", "label": "PAPSS — Pan-African Payment and Settlement System", "href": "/explore/papss", "coverage": "direct" }, { "type": "flow", "label": "Wholesale CBDC interbank settlement (illustrative)", "href": "/explore/wholesale-cbdc", "coverage": "direct" }, { "type": "glossary", "label": "Account-based CBDC", "href": "/glossary#account-based-cbdc", "coverage": "derived" }, { "type": "glossary", "label": "Advising bank", "href": "/glossary#advising-bank", "coverage": "derived" }, { "type": "glossary", "label": "Atomic settlement", "href": "/glossary#atomic-settlement", "coverage": "derived" }, { "type": "glossary", "label": "Bill of lading", "href": "/glossary#bill-of-lading", "coverage": "derived" }, { "type": "glossary", "label": "Discrepant documents", "href": "/glossary#discrepant-documents", "coverage": "derived" }, { "type": "glossary", "label": "Documentary collection", "href": "/glossary#documentary-collection", "coverage": "derived" }, { "type": "glossary", "label": "Fiat-backed stablecoin", "href": "/glossary#fiat-backed-stablecoin", "coverage": "derived" }, { "type": "glossary", "label": "Issuing bank", "href": "/glossary#issuing-bank", "coverage": "derived" }, { "type": "glossary", "label": "Letter of credit", "href": "/glossary#letter-of-credit", "coverage": "derived" }, { "type": "glossary", "label": "MT700", "href": "/glossary#mt700", "coverage": "derived" }, { "type": "glossary", "label": "Nominated bank", "href": "/glossary#nominated-bank", "coverage": "derived" }, { "type": "glossary", "label": "Programmable payment", "href": "/glossary#programmable-payment", "coverage": "derived" }, { "type": "glossary", "label": "Retail CBDC", "href": "/glossary#retail-cbdc", "coverage": "derived" }, { "type": "glossary", "label": "Settlement asset", "href": "/glossary#settlement-asset", "coverage": "derived" }, { "type": "glossary", "label": "Singleness of money", "href": "/glossary#singleness-of-money", "coverage": "derived" }, { "type": "glossary", "label": "Token-based CBDC", "href": "/glossary#token-based-cbdc", "coverage": "derived" }, { "type": "glossary", "label": "Tokenized deposit", "href": "/glossary#tokenized-deposit", "coverage": "derived" }, { "type": "glossary", "label": "Tokenized settlement", "href": "/glossary#tokenized-settlement", "coverage": "derived" }, { "type": "glossary", "label": "Unified ledger", "href": "/glossary#unified-ledger", "coverage": "derived" }, { "type": "glossary", "label": "Wholesale CBDC", "href": "/glossary#wholesale-cbdc", "coverage": "derived" }, { "type": "topic", "label": "Central bank digital currency (CBDC)", "href": "/learn/digital-money/central-bank-digital-currency", "coverage": "derived" }, { "type": "topic", "label": "Forms of money: central vs commercial bank money", "href": "/learn/digital-money/forms-of-money-central-vs-commercial", "coverage": "derived" }, { "type": "topic", "label": "Stablecoins and tokenized deposits", "href": "/learn/digital-money/stablecoins-and-tokenized-deposits", "coverage": "derived" }, { "type": "topic", "label": "Trade finance payments", "href": "/learn/digital-money/trade-finance-payments", "coverage": "derived" } ] }