Governing Global Payments Markets: The International Payments Framework – a New Actor on the Scene
The Governance And Regulation Of International Finance (Fabrizio Cafaggi & Geoffrey Parsons Miller, eds., Edward Elgar 2013)
Posted: 29 Jul 2015
Date Written: 2013
This chapter offers a brief overview of the history of the International Payments Framework (IPF). It shows that it is a follow-up of the European integration project, Single Euro Payments Area (SEPA), and compares the two initiatives. It then briefly discusses the IPF’s governance regime and standards developed. An assessment of the legitimacy, accountability, quality and independence of the IPF will be provided. Given the potential spread of the IPF solutions to global markets – as the spread of the SEPA initiative to cross-Atlantic payments demonstrates – these questions need to be addressed.
Keywords: Payments regulation, transnational private regulation, financial inclusion, Single Euro Payment Area, SEPA, international payments
JEL Classification: G21, K12
Suggested Citation: Suggested Citation