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A brief history of cross-border payments
Journal of Payments Strategy & Systems,
16
(3),
304-317
(2022)
Abstract
This paper discusses key moments in the evolution of cross-border payments, from the early beginnings of money through coins, notes and bills of exchange, all the way up to the modern era, to provide a brief history of the last 4,000 years of cross-border payments.
Keywords: correspondent banking; bill of exchange; card schemes; RTGS; interlinking instant payment systems; digital wallets; CDBC; DLT
The full article is available to subscribers to the journal.
Author's Biography
David O'Mahony is an analyst at Australian Payments Network (AusPayNet), the industry association and self-regulatory body for the Australian payments industry. David has over 30 years international experience, including roles at State Bank of South Australia, Bank of America, Standard Chartered Bank Australia Limited, Mizuho and Macquarie Group. He is a graduate of the University of Technology Sydney.
