The Elements of the Global Network for Large-Value Funds Transfers

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The author describes the various elements of the global payment network for large-value funds transfers (G-LVTN) in order to provide a convenient reference document intended for readers in the academic, legal, and financial communities. The short form G-LVTN is used to name the totality of the relevant national payment systems and cross-border banking arrangements that comprise the global whole. Policy issues relevant to the G-LVTN that have arisen over the last decade are summarized, as are the principal actions taken by central banks and others to address those issues. The paper concludes by examining three trends that are affecting the processing of substantial cross-border funds transfers, and how those trends may affect the global network in the future.