国际清算银行-让我们说同样的语言：一个正式定义的模型来描述和比较支付系统架构（英）

BIS Working PapersNo 1259 Let’s speak the same language: a formally defined model to describe and compare payment system architectures by Kees van Hee, Anneke Kosse, Peter Wierts and Jacob Wijngaard Monetary and Economic Department April 2025 JEL classification: E42, E58, G21 Keywords: payments, cash, bank accounts, correspondent banking, interoperability, two-tier banking system, cross-border payments, e-money, stablecoins BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) BIS Working Papers 1Let’s speak the same language: a formally defined model to describe and compare payment system architectures* Kees van Hee†, Anneke Kosse‡, Peter Wierts§ and Jacob Wijngaard** Abstract Proposals for new payment system architectures abound. To understand their opportunities and challenges, it is paramount to be able to describe and compare them in a consistent and standardised manner. This paper therefore proposes a formally defined model to represent three key functions of payment system architectures: issuance/withdrawal, holding and transfer of funds. The model defines payment diagrams, using a precisely defined syntax. We illustrate the application of these diagrams for domestic and cross-border account transfers, as well as cash, card, e-money and stablecoin payments. However, the payment diagrams can be used forany type of funds and can be applied across different payment system architectures.We also demonstrate how the diagrams correspond to the balance sheet approachcommonly used in economics, and that it offers added value by providing an end-to-end visualisation of every stage of the payment journey. Our model provides a toolfor central banks, regulators and the payment industry to better understand andcompare existing and new payment system architectures.*†‡The views expressed in this paper are those of the authors and do not necessarily reflect those of the Bank for International Settlements, its Committee on Payments and Market Infrastructures (CPMI) or its member central banks. We thank Ulrich Bindseil, Mark Choi, Ben Dyson, Jean Flemming, Jon Frost, Rod Garratt, Thomas Lammer, Vera Lubbersen, Dave Mills, George Pantelopoulos, André Reslow, Tara Rice, Fabian Schär and Takeshi Shirakami for their useful comments on earlier versions of this paper, and Fanni Leppanen and Ilaria Mattei for excellent research support.Eindhoven University of Technology (k.m.v.hee@tue.nl)Bank for Inte