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Realizing Programmability in Payment and Settlement Systems

Author

Listed:
  • Masashi Hojo
  • Junichiro Hatogai

    (Bank of Japan)

Abstract

Programmability in payment and settlement systems refers to the ability of computer programs to control and automate system behavior when funds and securities circulate. If payment and settlement systems are equipped with a high level of programmability, it could enable the provision of highly convenient services in which funds are automatically transferred in response to trade and transactions without requiring users to perform complicated tasks. Programmability is a concept that is often discussed while tying in with technologies related to crypto-assets. However, if we focus on the feature that various entities can write programs and automatically move funds and assets, we can see that even existing payment and settlement systems have improved their programmability as they continue to upgrade their functions. In considering future payment and settlement systems, it is important to advance technological research while exploring approaches to enhance programmability, thereby working to realize payment and settlement methods appropriate for a digital society.

Suggested Citation

  • Masashi Hojo & Junichiro Hatogai, 2022. "Realizing Programmability in Payment and Settlement Systems," Bank of Japan Review Series 22-E-8, Bank of Japan.
    • Handle: RePEc:boj:bojrev:rev22e08
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