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纽约梅隆银行探讨数字货币对代理银行业务的影响

2021-2-6 15:31


昨日,纽约梅隆银行(BNY Mellon)发表了两篇关于支付创新的论文,其中一篇聚焦于数字货币。它将它们分为三个桶,加密货币、中央银行数字货币(CBDC)和稳定币。


该行认为,数字货币“可能会改变我们对结算速度、流动性、和解和风险的看法”。


它预测,目前的支付系统将会继续存在,“没有任何一项举措或技术是提供优化支付的灵丹妙药。尽管如此,它预计稳定币将填补数字货币的空白,直到CBDCs推出。


然而,并不是所有的稳定币都是一样的,这是纽约梅隆银行没有深入研究的。与Paxos、USDC和Tether等零售稳定币不同,金融机构对所谓的结算币特别感兴趣。换句话说,就是纯粹用于支付的通证化银行账户现金。


金额被代币化,支付完成后,接收者立即将代币转换为银行余额,而不是将其作为硬币保存。一个例子是摩根大通币,另一个例子是Fnality背后的银行财团,它以前被称为公用事业结算币。


纽约梅隆银行是Fnality的15家支持机构之一。因此,不出所料,Fnality在该论文中占据了重要地位,该论文探讨了数字货币在外汇互换、证券结算和跨境支付方面的机构优势。


与目前大多数金融市场使用的两天结算相比,使用数字货币的即时支付提供了显著的优势。这种拖延会带来风险和成本。在通证化证券的未来,将证券兑换为通证化现金使交付与支付成为可能。所以违约风险接近于零。共享账本可以避免费时的对账。


数字货币将使实时流动性成为可能,因此银行的财务部门管理现金的方式将与今天大不相同。该报告称:“这些实时元素能够提供真正优化的现金管理体验,以效率为中心,并使大量资金得以释放。”


也许是这样,但在这两者之间的实时和解和两日和解可能会让事情变得更加复杂。

代理银行会消失吗?


纽约梅隆银行研究的一个领域是代理银行未来的角色。目前,它们扮演着中介的角色。如果一家外国银行向美国支付款项,但在美国境内没有业务,他们就支付给代理银行,由代理银行把钱转到当地银行。在P2P支付的数字货币世界里,这一角色消失了,代理银行造成的延迟和不透明也消失了。


然而,纽约梅隆银行预计,代理银行的重心将转移,而不是消失。它预测银行将成为P2P系统的网关,类似于结算代理。他们将提供流动性和增值服务。

Yesterday BNY Mellon published two papers about innovation in payments, one of them focused on digital currencies. It separates them into three buckets, cryptocurrencies, central bank digital currencies (CBDC) and stablecoins. 

The bank believes that digital currencies “could change the way we look at settlement speed, liquidity, reconciliation and risk.”

It predicts the current payment systems will persist, and “no one initiative or technology is a silver bullet for delivering optimized payments.” Nonetheless, it expects stablecoins will fill a digital currency void until CBDCs launch.

However, not all stablecoins are created equal, which is something BNY Mellon doesn’t delve into. Unlike retail stablecoins such as Paxos, USDC and Tether, financial institutions are especially interested in so-called settlement coins. In other words, tokenized bank account cash that is purely used for payments. 

An amount is tokenized, a payment is made, and the recipient immediately converts the token to a bank balance rather than keeping it as a coin. One example is the JPM Coin and another is the consortium of banks behind  Fnality and what was formerly referred to as the Utility Settlement Coin. 

BNY Mellon is one of the 15 institutional backers of Fnality. So unsurprisingly, Fnality featured strongly in the paper, which explored the institutional benefits of digital currency for FX swapssecurities settlement and cross border payments.

Instant payment using digital currencies offers significant advantages compared to the current two-day settlement that most financial markets use. That delay creates risk and cost. In a future of tokenized securities, exchanging securities for tokenized cash enables delivery versus payment. So there’s close to zero risk of non-payment. And having a shared ledger eliminates time-consuming reconciliation.

Digital currencies will enable real-time liquidity, so bank treasury departments will manage cash very differently compared to today. “These real-time elements can deliver a truly optimized cash management experience, centered on efficiency and enabling an abundance of capital be released,” says the paper.

That may be so, but the in-between step of having some real-time and some two-day settlement will likely make it even more complex.

Won’t correspondent banking disappear?

One area BNY Mellon explored is correspondent banks’ future role. Currently, they act as intermediaries. If a foreign bank makes a payment to the U.S. but lacks a U.S. presence, they pay the correspondent bank, which passes the money onto the local bank. In a digital currency world of P2P payments, that role disappears, along with the delays and opaqueness the correspondent banking creates.

However, BNY Mellon expects to see a pivot for correspondent banks rather than extinction. It predicts that banks will become gateways to the P2P system, similar to a settlement agent. And they’ll provide liquidity and added value services.


来自: Ledger Insights