The Value Layer – Expanded

Since I wrote the original value layer blog post, I’ve wanted to expand on the idea and start cataloging the different global systems connected through these primitives. At one point, I had hoped to get folks to contribute to it as an open-source project. Due to time constraints, that never happened, but I finally had some time between a series of calls this week.

TL/DR – I built this out and put it into a model. You can play with it below or at this link. Here is a fast example of using the primitives to organize the data. ValueType is first, throw in TransferType, layer on _Issuer and it starts to look pretty cool.

And an example of using it to look up TransferType for a ValueType:

The project has an MIT license, so you can download and add to it however you want. I’d appreciate you providing attribution if you do use it.

The original blog focuses on USD, but with this model, it’s much easier to search for specific currencies and quickly get to ACH or real-time systems supporting that currency. For example, you can dig into Romania (_Issuer), to RON (_ValueType), and ReGis, Plati Instant, and TransFonD SENT ACH (_TransferType) and duplicate this for every country and currency I’ve added.

Each data point has one of a small number of associated labels:

_ValueTypeThe symbol for the value, in this case, the currency symbol
_TransferTypeHow the value can be value around electronically
_IssuerThe country issuing the currency
ConceptThis is just used once for Value Layer

I pulled together a starting point for a global view using Wikipedia, good old Google, and the Flavors of Fast report. A few things to mention:

  1. I found several errors on Wikipedia and potential missing information on Flavors of Fast. The report is not recent, but if you find differences, it’s because both have flaws. One example is that the term RTGS is used in various places, which implies the same system, but in reality, there are similar words/acronyms used in multiple parts of the world. I did my best to segment when the systems were different. 
  2. I have yet to add third-party closed ecosystems (Dwolla, CashApp, Paypal), which are additional TransferTypes for various currencies. I decided to restrict my workload for the day/force myself to work with the little time I had.
  3. The model still needs to extend into Cryptocurrency ecosystems, yet. I did not add those for the sake of time but intend to in the future.
  4.  I added the concept of an _Issuer and called out the country but not the central bank of whatever government is responsible for issuing a ValueType. I did this to save myself time, but it would be a worthwhile addition in the future.
  5.  You might ask yourself why use value instead of currency, and the answer is that not all value is government-issued currency. Once this model expands out of government-issued currency, this will make more sense.
  6.  I did not include references knowingly to any CBDC or government-backed digital dollar projects. I know these are missing and I hope to add them when/if time allows.

When I say Value Layer, this is the expanded view of what I see in my head. Without some intolerability, just a bunch of geographically focused currencies, issuers, and transfer mechanisms.

Adding some context brings it all together.

If nothing else, I’m excited that I have a place to search for this instead of googling when I need to remember something. If you’d like to contribute to the project, let me know. Not perfect, but a good start. Here is a IPFS link for the JSON in the model as-is. The data is listed below from the model as of me posting this.

Label
Type
Tags
Description
Zimbabwe_Issuer
BD_ValueTypeBahraini dinar
SPTR_TransferType
BRL_ValueTypeBrazil Real
Taiwan_Issuer
Switzerland_Issuer
Ukraine_Issuer
SPEI_TransferTypeInterbank Electronic Payment System
CIFS_TransferType
EGP_ValueType
Nigeria_Issuer
Paraguay_Issuer
CHATS_TransferTypeClearing House Automated Transfer System
BGN_ValueTypeBulgarian lev
Ethereum_TransferType
Kenya_Issuer
LEK_ValueType
BESP_TransferTypeBESP System (Banking Electronic Speed Payment System)
RD_ValueTypeDominican Peso
ZETSS_TransferTypeZimbabwe Electronic Transfer and Settlement System
Singapore_Issuer
ATS_ValueTypeAustrian Schilling
Lynx_TransferType
NIS_ValueTypenew sheke
Greidsluveitan_TransferType
Avalanche_TransferType
Straksbetalinger_TransferType
JPY_ValueTypeJapanese Yen. The yen's symbol is ¥. The name yen derives from an ancient term for Chinese round coins (yuan). First minted in 1869, after the Meiji Restoration, the yen was officially adopted as the basic unit in the monetary reform of 1871.
SORBNET2_TransferType
Turkey_Issuer
TL_ValueTypeThe lira
IACH_TransferTypeIraq ACH
AUD_ValueTypeAustralian Dollar
Jordan_Issuer
CHAPS_TransferType
Egypt_Issuer
Mauritius_Issuer
THB_ValueTypeThe official currency in Thailand is the Thai Baht (THB)
BISS_TransferTypeBelarus Interbank Settlement System
Bahamas_Issuer
SORBNET_TransferType
South Korea_Issuer
FINA_TransferType
MWK_ValueType
BOJ-NET_TransferTypeBank of Japan Financial Network System
SICAM_TransferType
UAEFTS_TransferTypeUAE Funds Transfer System
MYR_ValueTypeMalaysian ringgit
Italy_Issuer
CIP-SILOC_TransferType
Dirham_ValueType
DKK_ValueTypeDanish Krone
IRR_ValueTypeThe Iranian toman is a superunit of the official currency of Iran, the rial
NBU_TransferTypeNational Bank of Ukraine Payment Systems
MIPS_TransferType
CAD_ValueType
Dong_ValueType
RIX_TransferType
BACH_TransferTypeBahamas Automated Clearing House
Macedonia_Issuer
SRBM_TransferType
NACS_TransferTypeNigeria Automated Clearing System
LankaSettle_TransferType
Japan_Issuer
Philipines_Issuer
ESAS_TransferTypeExchange Settlement Account System
BI-RTGS_TransferTypeSistem Bank Indonesia Real Time Gross Settlement
Bangladesh_Issuer
RPS_TransferType
LBTR/CAS_TransferType
Peru_Issuer
Argentina_Issuer
BBD_ValueType
GIP_TransferTypeGhIPSS Instant Pay (GIP) is a real time interbank account-to-account credit transfer service.
ICL_TransferTypeInterbank Clearing Limited
RTGS-J_TransferType
Poland_Issuer
BankservAfrica_TransferType
STR_TransferType
BAHTNET_TransferType
SCT Inst_TransferType
Express ELIXIR_TransferTypeExpress Elixir is the first instant payment clearing system in Poland which allows the direct execution of the transaction from the payer's account in one bank to the payee's account in another bank.
Bankgirocentralen BGC AB_TransferType
HRK_ValueTypeCroatian kuna
MKD_ValueType
Qatar_Issuer
Sri Lanka_Issuer
BDT_ValueType
Pakistan_Issuer
Zahav_TransferTypeThe Zahav system (a Hebrew acronym for Real Time Credits and Transfers), which was launched in Israel at the end of July 2007, is an RTGS (Real Time Gross Settlement) system that operates in most of the world's countries (both the developed and the developing countries).
BECS_TransferTypeBulk Electronic Clearing System (BECS)
Iceland_Issuer
CCA_TransferType
equensWorldline_TransferType
SATNA_TransferType
Plăți Instant_TransferTypePay anytime (24/7/365) and the recipient collects them INSTANTLY in her/his/its account! (in less than 10 seconds). Service provided for individual customers and businesses, holders of bank accounts.
FPS_TransferType
AOA_ValueType
InterGIRO2 GIRO Zrt_TransferType
Russia_Issuer
NIFT_TransferType
CHF_ValueType
BISERA_TransferType
SAR_ValueTypeSaudi Riyal
Australia_Issuer
Thailand_Issuer
MXN_ValueType
BEPS_TransferType
HUF_ValueTypeHungarian forint
LKR_ValueTypeSri Lankan Rupees
Indonesia_Issuer
IQD_ValueTypeIraqi dinar
MEPS+_TransferTypeMAS Electronic Payment System Plus. The MAS Electronic Payment System or MEPS in short, is a SGD-only online interbank payment and fund transfer system in Singapore.
LBTR_TransferType
BYN_ValueType
Bulgaria_Issuer
eGIRO_TransferTypeSingapore Automated Clearing House. eGIRO stands for electronic GIRO. It is a nationwide initiative that digitises the GIRO application process with an aim of significantly reducing the turnaround time. This is a joint initiative by The Association of Banks in Singapore (ABS), Monetary Authority of Singapore (MAS) and Participating Banks.
NAD_ValueType
Morocco_Issuer
KRW_ValueTypeSouth Korean Won
Belgium_Issuer
SEK_ValueType
RUB_ValueTypeRussia Ruble
MEP_TransferType
NKSInst_TransferTypeThe NKSlnst is a payment system for settling instant credit transfers between its participants in kuna (HRK) in real tim
PKR_ValueTypePakistan Rupee
AECH_TransferType
PromptPay_TransferType
MOP_ValueType
IBPS_TransferType
MACSS_TransferType
NOK_ValueTypeNorwegian Krone
Norway_Issuer
JOD_ValueTypeThe Jordanian dinar
CLP_ValueTypeChilean Peso
USDC_ValueType
PEN_ValueTypePeruvian Sol
Dominican Republic_Issuer
United States_Issuer
SITRAF_TransferType
KRONOS_TransferTypeKronos2 is Danmarks Nationalbank's real-time gross settlement (RTGS) system for payments in Danish kroner
Stellar_TransferType
HKD_ValueTypeHong Kong Dollar
Chile_Issuer
INR_ValueTypeIndian rupee
TWD_ValueTypeNew Taiwan Dollar
PSA_TransferTypePayment Services Austria GmbH
QAR_ValueTypeQatari Riyal
IMPS_TransferTypeImmediate Payment Service
RB_TransferTypeReiknistofa Bankanna
Kuwait_Issuer
CNY_ValueTypeThe renminbi (Chinese: 人民币; pinyin: Rénmínbì; lit. 'People's Currency'; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022.
BOK-WIRE+_TransferType
NZD_ValueTypeNew Zealand Dollar
Denmark_Issuer
BACS_TransferTypeBacs Payment Schemes Limited
UAE_Issuer
RTC_TransferTypeAfrica Real Time Clearing (RTC)
United Kingdom_Issuer
VIBER_TransferType
RON_ValueType
NPP_TransferType
NIBSS_TransferTypeNigeria Inter-Bank Settlement System Plc (NIBSS) was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN).
NGN_ValueTypeNigerian naira
Vietnam_Issuer
SGD_ValueTypeSingapore Dollar
Albania_Issuer
CNAPS_TransferTypeChina National Advanced Payment System (CNAPS) (also called Super Online Banking System)
Iraq_Issuer
Angola_Issuer
Value LayerConcept
SAMOS_TransferTypeThe South African Multiple Option Settlement
MAD_ValueType
European Central Bank_Issuer
Straksclearingen_TransferTypeThe Straksclearing is operated by Nets who acts as an hub receiving and forwarding payments to/from payer/payee.
Romania_Issuer
Brazil_Issuer
Fawri+_TransferTypeFawri+ is a near real time electronic fund transfer service which allows you to send funds up to BD 1,000 per account in a day in less than 30 seconds.
BiR_TransferTypeBankgirot also provides a system (BiR) for payments in real time, which is used to settle payments made using the mobile app Swish. Swish payments are not combined but settled immediately one by one. As BiR is always open, Swish users can send money around the clock, every day of the year.
MITASS_TransferTypeMalawi Interbank Settlement System
COELSA_TransferType
Germany_Issuer
Centre_Issuer
EuroNCS_TransferTypeThe EuroNCS is a single payment infrastructure for the clearing of national and cross-border SEPA credit transfers in euro
NEFT_TransferType
Malaysia_Issuer
Visa Direct_TransferType
BanglaDesh-BACH_TransferTypeBangladesh Automated Clearing House
UGX_ValueType
Ghana_Issuer
KWD_ValueTypeKuwaiti dinar
RTP_TransferType
New Zealand_Issuer
UAH_ValueTypeHryvnia
Faster Payments_TransferType
China_Issuer
Namibia_Issuer
GBP_ValueType
EFT_Turkey_TransferType
FAST_TransferTypeFAST (Fast And Secure Transfers) is a new electronic funds transfer service that enables customers of the participating banks to transfer Singapore Dollar
Uganda_Issuer
Austria_Issuer
ReGIS_TransferTypeReGIS is the national RTGS system for payments in lei offered by the BNR.
RTGS_Pakistan_TransferType
TransFonD SENT ACH_TransferType
GHS_ValueTypeGhIPSS Instant Pay (GIP) is a real time interbank account-to-account credit transfer service.
ZWR_ValueType
QPS_TransferTypeQatar Payment System
ZAR_ValueTypeThe South African rand
KES_ValueTypeKenyan shilling
Iran_Issuer
SEP_TransferTypeSystem of Electronic Payments of the National Bank of Ukraine
PesaLink_TransferType
NAPAS247_TransferTypeNational Payment Service 24/7 Interbank Funds Transfer
Belarus_Issuer
Hungary_Issuer
IRTGS_TransferTypeBanking instruments (ACH) and (RTGS) internal transfers through payment tools There are several ways to send internal transfers (inside Iraq) in the RTGS system through Al-Qurtas Bank.
KEPSS_TransferType
KASSIP_TransferType
HOFINET_TransferType
PhilPaSS_TransferType
RINGS_TransferType
Saudi Arabia_Issuer
CIFTS_TransferTypeCBN Inter-Bank Funds Transfer System
Sweden_Issuer
Netherlands_Issuer
Bahrain_Issuer
SIC_TransferTypeSwiss Interbank Clearing
BCS/X_TransferTypeBCS/X was configured to comply with legal rules and practices applied in the Dominican Republic. The system supports online integration with other Clearing and RTGS system. System is compliant with X9 international standards in check processing and imaging. The solution is operational in 24h-mode with one-hour technical break.
MUR_ValueType
Camara de Compensacion Electronica_TransferType
Macau_Issuer
Croatia_Issuer
UNIS_TransferType
CBRTGS_TransferTypeCentral Bank Real Time Gross Settlement System
NSS_TransferType
Hong Kong_Issuer
RITS_TransferType
ACSS_TransferType
USD_ValueType
TEF_TransferType
Canada_Issuer
FedNow_TransferType
Mastercard Send_TransferType
ARS_ValueType
ACH_TransferType
South Africa_Issuer
CEFTS_TransferType
IDR_ValueTyperupiah
TCH_TransferTypeTaiwan Clearing House
NCS_TransferTypeThe National clearing system (NCS) is an interbank payment system for the clearing of funds transfer orders in kuna (HRK) between its participants based on a multilateral net principle.
Mexico_Issuer
PLN_ValueTypePolish złoty
BSD_ValueTypeBahamian Dollar
PYG_ValueTypeParaguayan Guarani
CBE RTGS_TransferType
Euro_ValueType
Malawi_Issuer
CBF_ValueTypePhilippine Peso
Barbados_Issuer
NISS_TransferTypeNamibia Interbank Settlement System
India_Issuer
RENTAS_TransferType
KR_ValueTypeIcelandic króna
Wire_TransferType
Israel_Issuer
SARIE_TransferTypeSaudi Arabian Riyal Interbank Express. The Saudi Arabian Riyal Interbank Express (SARIE) system commenced live operation in May 1997. It provides the mechanism for all Saudi commercial banks to make and settle payments in Saudi Riyals (SR). SARIE provides the basis for improved banking products and services and is the foundation for the payments system strategy of the Kingdom.
PesoNet_TransferType
BUSD_ValueType
USDP_ValueType

I hope this benefits a few folks as you wrap your head around the global payment stack. If you have feedback, please don’t hold back.