对比账簿：美元银行间支付系统的思考

Federal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online) Contrasting Ledgers: considerations for U.S. dollar interbankpayment systems 2026-011 Leistra, Melissa (2026).“Contrasting Ledgers:considerations for U.S. dollar interbankpayment systems,” Finance and Economics Discussion Series 2026-011. Washington: Boardof Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2026.011. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment.The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or the Contrasting Ledgers: considerations for U.S. dollar interbank payment systems Melissa LeistraFebruary 2026 Abstract: this paper describes the current U.S. dollar interbank payments landscape and identifies its keycharacteristics. It then discusses major considerations and potential tradeoffs that various conceptual [Note: Diagram formatting keys provided in Figure 1 are used consistently throughout the paper’s Introduction Current U.S. dollar (USD) payment systems provide interbank settlement using a variety of models. Thisvariety, when supported by the legal framework and appropriate risk management, supplies multiplesafe options that participants may choose between, based on their specific uses and needs.Notwithstanding this variety, USD interbank systems have three key characteristics in common: These key characteristics of USD interbank payment systems are not universal globally. Some interbankpayment systems in other jurisdictions have differing key characteristics. In particular, there arejurisdictions in which the central bank allows money it issues to be used as a settlement asset outside of Improving the safety and efficiency of payment systems is an ongoing effort of both the public andprivate sectors. Interest in increasing optionality, lowering costs, strengthening security, and otherwiseimproving USD and cross-border payments is very high. Potential paths to improvement underconsideration by stakeholders are numerous and diverse. Included among these many possible paths to This paper describes the current USD interbank payment system landscape. It identifies and explains thethree key characteristics that shape the operation of these systems, demonstrating with stylizedexamples how a wide variety of settlement models are currently implemented within the parameters ofthe characteristics. Section 1 of the paper describes the overarching landscape and the threecharacteristics. Section 2 provides system-by-system examples and elaboration. Section 3 then brieflydiscusses examples in other jurisdictions where one or more characteristics is varied and theorizes on 1.Overview of U.S. dollar interbank payment system landscape Figure 1 above depicts a simplified representation of the USD interbank payment system landscape. Atpresent, interbank settlement occurs in multiple payment systems, both public and private sector •Operational perimeters of individual entities are distinct•Settlement assets remain constrained within operational perimeters of their issuers•Ledgers are connected through entities holding accounts with one another While various banks, financial market infrastructures (FMIs), and other entities likely rely on commontechnology service providers for their operations, the implementation, control, and governance of their internal ledgers remains separate from that of other entities.3The Federal Reserve Banks, whoseinternal ledger is included in Figure 1, for example, set the terms and procedures by which depositoryinstitutions or other eligible entities may open accounts, access settlement services, and instruct specifictransactions. Depository institutions cannot create new service options, alter records, or otherwisecontrol functioning inside the Federal Reserve operating perimeter. Similarly, while the Federal Reserve Notwithstanding these distinct operational perimeters, the financial system safely and efficiently movesvalue across these ledgers. Key to connecting the ledgers is the practice of entities holding accounts withone another. As depicted in in Figure 1, eligible banks and private sector FMIs may hold accounts at the Federal Reserve and with one another.4Similarly, in some instances, the Federal Reserve holds accounts with banks and FMIs.5Eligible account holders at the Federal Reserve are limited by law. Accounteligibility at private sector FMIs may be wider than at the Federal Reserve, but typically remainsrelatively narrow, driven by which financial institutions participate in the market served by the FMI and individuals, depending on the business lines of the bank.6Entities maintaining accounts on oneanother’s ledgers link the systems together and facilitate a diversity of available interbank settlementmodels (elaborated next in section 2