MONEY REWIRED: A Policy Framework for Payments,Currencies, and Open Finance

This edition sets out how the global financial system is being transformed by instant payments, digital currencies, stablecoins, crypto-assets, and consent-based financial data sharing. The report frames the movement of value as a core element of the digital economy, with direct implications for competitiveness, financial inclusion, monetary sovereignty, security, and resilience.

The analysis is organized around three interconnected pillars.

• First, modern payment rails are replacing slow, costly legacy systems with domestic real-time payment infrastructure and emerging cross-border models. These systems can reduce remittance costs, improve access, support SME activity, and strengthen regional trade, but they also require strong interoperability, fraud controls, AML/CFT safeguards, and governance arrangements.
• Second, digital currencies are reshaping the definition of money. CBDCs may offer a public digital anchor for payment systems, while stablecoins can enable fast, programmable settlement. However, these instruments raise material risks around reserve quality, redemption rights, cyber resilience, bank disintermediation, illicit finance, and “digital dollarization.” Unbacked crypto-assets are treated mainly as speculative instruments requiring clear rules on licensing, custody, market conduct, and investor protection.
• Third, Open Finance extends the logic of Open Banking beyond payment accounts to wider financial data, including insurance, investments, pensions, and mortgages. If implemented well, it can unlock competition, personalized services, alternative credit scoring, and financial inclusion. Success depends on secure APIs, clear consent rules, accreditation of third-party providers, liability frameworks, data protection, and trusted digital identity.

For DCO Member States, the strategic choice is whether to shape this transition or be shaped by it. Passive adoption could deepen reliance on foreign infrastructures, external regulators, and private issuers. A proactive policy agenda can lower payment frictions, strengthen domestic FinTech ecosystems, safeguard monetary sovereignty, and give Member States a stronger voice in international standard-setting.

The report recommends a maturity-based roadmap: build strong domestic payment foundations; regulate payment service providers, stablecoins, crypto-assets, and VASPs; assess and pilot CBDCs where there is a clear policy case; mandate Open Banking and progress toward Open Finance; invest in interoperable digital identity; and engage actively with global standard setters such as the BIS, FSB, and FATF.