Distributed Ledger Technology in Payments, Clearing, and Settlement

Digital innovations in finance, loosely known as fintech, have garnered a great deal of attention across the financial industry. Distributed ledger technology (DLT) is one such innovation that has been cited as a means of transforming payment, clearing, and settlement (PCS) processes, including how...

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Bibliographic Details
Published in:Finance and economics discussion series 2016-12, Vol.2016 (95)
Main Authors: Mills, David, Wang, Kathy, Malone, Brendan, Ravi, Anjana, Marquardt, Jeff, Chen, Clinton, Badev, Anton, Brezinski, Timothy, Fahy, Linda, Liao, Kimberley, Kargenian, Vanessa, Ellithorpe, Max, Ng, Wendy, Baird, Maria
Format: Article
Language:English
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Summary:Digital innovations in finance, loosely known as fintech, have garnered a great deal of attention across the financial industry. Distributed ledger technology (DLT) is one such innovation that has been cited as a means of transforming payment, clearing, and settlement (PCS) processes, including how funds are transferred and how securities, commodities, and derivatives are cleared and settled. DLT is a term that has been used by the industry in a variety of ways and so does not have a single definition. Because there is a wide spectrum of possible deployments of DLT, this paper will refer to the technology as some combination of components including peer-to-peer networking, distributed data storage, and cryptography that, among other things, can potentially change the way in which the storage, recordkeeping, and transfer of a digital asset is done.
ISSN:1936-2854
DOI:10.17016/FEDS.2016.095