FNA Papers

Driving forward thinking and real-world impact though research and insights

Featured
The Next Generation RTGS: Liquidity Saving Mechanisms as an Overlay Service
The Next Generation RTGS: Liquidity Saving Mechanisms as an Overlay Service

As legacy RTGS systems age, integrating Liquidity-Saving Mechanisms directly into core central bank ledgers limits agility and increases complexity. By extracting these mechanisms into an independent "LSM Overlay Service," financial institutions can algorithmically resequence payments to save up to 69% in liquidity while enabling faster, modular infrastructure upgrades.

Building Robust Anti-Fraud & Scam Capabilities at the National Level
Building Robust Anti-Fraud & Scam Capabilities at the National Level

The shift to instant payments has accelerated complex, cross-bank fraud that siloed bank data cannot detect. By establishing national data-sharing hubs and deploying advanced network analytics, authorities and banks can trace illicit money trails in real time and intercept scams before funds are lost.

Liquidity-Saving Mechanisms in Trade Credit Networks: Optimising Corporate Liquidity
Liquidity-Saving Mechanisms in Trade Credit Networks: Optimising Corporate Liquidity

Trade credit drives corporate supply chains but exposes firms to cascading late-payment and default risks. By applying interbank Liquidity-Saving Mechanisms (LSMs) to corporate networks, a new Financial Market Infrastructure could drastically reduce liquidity requirements, clear gridlocks, and provide unprecedented visibility into supply chain health.

FNA’s Paper Series publishes expert-led, thought-provoking research papers designed to drive forward thinking and real-world impact to make the financial systems safer and more efficient.

Our work explores the intersections of policy, innovation, and infrastructure across central banking, payments, economic crime, and beyond. 

Our research supports financial institutions, regulators, and infrastructure providers in navigating complexity, enhancing system resilience, and shaping the future of finance through better decision-making.

Key Themes covered in FNA Papers 

Key Themes covered in FNA Papers

A compass with an 'S' in the center, surrounded by black background, pink squares, and directional arrows.
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FMIs & Settlement Systems

FMIs & Settlement Systems

  • RTGS system evolution 

  • Settlement methods

  • FMI Modernization

  • RTGS system evolution 

  • Settlement methods

  • FMI Modernization

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Countering Consumer Fraud and Scams

Countering Consumer Fraud and Scams

  • National Anti-scam Utilities 

  • Payment  Tracing

  • Data Privacy

  • National Anti-scam Utilities 

  • Payment  Tracing

  • Data Privacy

Icon of a gear with a dollar sign inside, surrounded by circular arrows and small dots, representing finance or financial cycle.
Financial growth and investment symbol with gears and dollar sign.

Payments
Innovation

Payments
Innovation

  • Real-time payments and faster payment systems

  • Payment System modernization and digital transformation

  • Real-time payments and faster payment systems

  • Payment System modernization and digital transformation

FNA’s papers serve as essential resources for…

  • Central banks and regulators shaping policy and infrastructure 

  • Financial institutions driving innovation and resilience 

  • Technologists and data scientists building future-ready platforms

  • Academics and researchers exploring complex financial networks 

  • Consultants and advisors guiding strategic transformation

Explore Our Papers

Featured
The Next Generation RTGS: Liquidity Saving Mechanisms as an Overlay Service
The Next Generation RTGS: Liquidity Saving Mechanisms as an Overlay Service

As legacy RTGS systems age, integrating Liquidity-Saving Mechanisms directly into core central bank ledgers limits agility and increases complexity. By extracting these mechanisms into an independent "LSM Overlay Service," financial institutions can algorithmically resequence payments to save up to 69% in liquidity while enabling faster, modular infrastructure upgrades.

Building Robust Anti-Fraud & Scam Capabilities at the National Level
Building Robust Anti-Fraud & Scam Capabilities at the National Level

The shift to instant payments has accelerated complex, cross-bank fraud that siloed bank data cannot detect. By establishing national data-sharing hubs and deploying advanced network analytics, authorities and banks can trace illicit money trails in real time and intercept scams before funds are lost.

Liquidity-Saving Mechanisms in Trade Credit Networks: Optimising Corporate Liquidity
Liquidity-Saving Mechanisms in Trade Credit Networks: Optimising Corporate Liquidity

Trade credit drives corporate supply chains but exposes firms to cascading late-payment and default risks. By applying interbank Liquidity-Saving Mechanisms (LSMs) to corporate networks, a new Financial Market Infrastructure could drastically reduce liquidity requirements, clear gridlocks, and provide unprecedented visibility into supply chain health.

Molecular Settlement: Making Atomic Settlement Work in a Positive Interest Rate Environment
Molecular Settlement: Making Atomic Settlement Work in a Positive Interest Rate Environment

While "atomic settlement" promises instantaneous and simultaneous asset transfers, it creates unsustainable liquidity costs for financial institutions in a positive interest rate environment. By deploying smart algorithms to group individual trades into efficient "molecules," institutions can achieve near-instant settlement without sacrificing critical liquidity savings.

Digital Operational Resilience Act (DORA): Addressing an Old New Network Problem
Digital Operational Resilience Act (DORA): Addressing an Old New Network Problem

The Digital Operational Resilience Act (DORA) expands European financial regulation to explicitly cover third-party ICT and cloud service providers. By mapping these critical technological interdependencies, regulators and institutions can better visualize, simulate, and mitigate the severe systemic risks posed by cloud concentration.

Modernizing Intraday Liquidity Optimization for Commercial Banks
Modernizing Intraday Liquidity Optimization for Commercial Banks

Commercial banks are currently facing exceptionally difficult funding conditions where traditional, manual intraday liquidity management falls short. By deploying advanced, real-time payment resequencing algorithms, banks can significantly reduce liquidity usage and costs, potentially transforming treasuries into profit centers.