The Governance and Regulation of International Finance
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The Governance and Regulation of International Finance

Geoffrey P. Miller and Fabrizio Cafaggi

This thought-provoking book adds a new perspective to the analysis of how regulation should respond to the global financial crisis of 2008–2009. It focuses on the ‘private’ as opposed to ‘public’ aspect of regulation, and highlights the works of the public–private dialectic in regulation and enforcement.
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Chapter 4: Governing global payments markets: the International Payments Framework – a new actor on the scene

Geoffrey P. Miller and Fabrizio Cafaggi


Payment systems regulation does not attract much public attention. Rules governing payments are of a highly technical nature and only a narrow group of specialists feels confident studying and understanding their implications. At the same time, payment transactions do not generate skyrocketing profits, as for instance derivative contracts do, and thus they do not provoke controversies. Yet, payments are a component of everyday life for practically everybody, which means that the rules governing payments affect all of us. Payment systems are an integral part of an efficient modern economy. Clearing and settling payments are considered as belonging to the core functions performed by the financial system (Bodie et al., 2009, p. 63). A payment service is the function of intermediation between the payer and the payee in a market transaction.

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