Finance and Economics Discussion Series (FEDS)
February 2026
Contrasting Ledgers: Considerations for U.S. Dollar Interbank Payment Systems
Melissa Leistra
Abstract:
This paper describes the current U.S. dollar interbank payments landscape and identifies its key characteristics. It then discusses major considerations and potential tradeoffs that various conceptual alternatives might raise.
Keywords: Payment systems, Settlement, Shared ledgers, Trade-offs
DOI: https://doi.org/10.17016/FEDS.2026.011
PDF: Full Paper
Disclaimer: The economic research that is linked from this page represents the views of the authors and does not indicate concurrence either by other members of the Board's staff or by the Board of Governors. The economic research and their conclusions are often preliminary and are circulated to stimulate discussion and critical comment. The Board values having a staff that conducts research on a wide range of economic topics and that explores a diverse array of perspectives on those topics. The resulting conversations in academia, the economic policy community, and the broader public are important to sharpening our collective thinking.