Global instant payment and its underlying infrastructure evolution are commonly referred to as fragmentation, with the proliferation of local instant payment systems, or consolidation, with few global instant payment systems prevailing. Even though these evolution views and related management...

SWIFT (Society for Worldwide Interbank Financial Telecommunication) provides a network for financial institutions to send and receive information about financial transactions in the form of secure standardized messages. Here we analyze the global network created by flows of a particular type of...

Ever since the global financial crisis of 2008-9, that exposed the weakness of the international monetary system due to its dependence on the US dollar as leading global currency, the Chinese leadership undertook a broad scope of efforts to elevate the RMB to the status of an international...