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:
_ValueType
The symbol for the value, in this case, the currency symbol
_TransferType
How the value can be value around electronically
_Issuer
The country issuing the currency
Concept
This 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:
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.
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.
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.
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.
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.
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
_ValueType
Bahraini dinar
SPTR
_TransferType
BRL
_ValueType
Brazil Real
Taiwan
_Issuer
Switzerland
_Issuer
Ukraine
_Issuer
SPEI
_TransferType
Interbank Electronic Payment System
CIFS
_TransferType
EGP
_ValueType
Nigeria
_Issuer
Paraguay
_Issuer
CHATS
_TransferType
Clearing House Automated Transfer System
BGN
_ValueType
Bulgarian lev
Ethereum
_TransferType
Kenya
_Issuer
LEK
_ValueType
BESP
_TransferType
BESP System (Banking Electronic Speed Payment System)
RD
_ValueType
Dominican Peso
ZETSS
_TransferType
Zimbabwe Electronic Transfer and Settlement System
Singapore
_Issuer
ATS
_ValueType
Austrian Schilling
Lynx
_TransferType
NIS
_ValueType
new sheke
Greidsluveitan
_TransferType
Avalanche
_TransferType
Straksbetalinger
_TransferType
JPY
_ValueType
Japanese 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
_ValueType
The lira
IACH
_TransferType
Iraq ACH
AUD
_ValueType
Australian Dollar
Jordan
_Issuer
CHAPS
_TransferType
Egypt
_Issuer
Mauritius
_Issuer
THB
_ValueType
The official currency in Thailand is the Thai Baht (THB)
BISS
_TransferType
Belarus Interbank Settlement System
Bahamas
_Issuer
SORBNET
_TransferType
South Korea
_Issuer
FINA
_TransferType
MWK
_ValueType
BOJ-NET
_TransferType
Bank of Japan Financial Network System
SICAM
_TransferType
UAEFTS
_TransferType
UAE Funds Transfer System
MYR
_ValueType
Malaysian ringgit
Italy
_Issuer
CIP-SILOC
_TransferType
Dirham
_ValueType
DKK
_ValueType
Danish Krone
IRR
_ValueType
The Iranian toman is a superunit of the official currency of Iran, the rial
NBU
_TransferType
National Bank of Ukraine Payment Systems
MIPS
_TransferType
CAD
_ValueType
Dong
_ValueType
RIX
_TransferType
BACH
_TransferType
Bahamas Automated Clearing House
Macedonia
_Issuer
SRBM
_TransferType
NACS
_TransferType
Nigeria Automated Clearing System
LankaSettle
_TransferType
Japan
_Issuer
Philipines
_Issuer
ESAS
_TransferType
Exchange Settlement Account System
BI-RTGS
_TransferType
Sistem Bank Indonesia Real Time Gross Settlement
Bangladesh
_Issuer
RPS
_TransferType
LBTR/CAS
_TransferType
Peru
_Issuer
Argentina
_Issuer
BBD
_ValueType
GIP
_TransferType
GhIPSS Instant Pay (GIP) is a real time interbank account-to-account credit transfer service.
ICL
_TransferType
Interbank Clearing Limited
RTGS-J
_TransferType
Poland
_Issuer
BankservAfrica
_TransferType
STR
_TransferType
BAHTNET
_TransferType
SCT Inst
_TransferType
Express ELIXIR
_TransferType
Express 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
_ValueType
Croatian kuna
MKD
_ValueType
Qatar
_Issuer
Sri Lanka
_Issuer
BDT
_ValueType
Pakistan
_Issuer
Zahav
_TransferType
The 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
_TransferType
Bulk Electronic Clearing System (BECS)
Iceland
_Issuer
CCA
_TransferType
equensWorldline
_TransferType
SATNA
_TransferType
Plăți Instant
_TransferType
Pay 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
_ValueType
Saudi Riyal
Australia
_Issuer
Thailand
_Issuer
MXN
_ValueType
BEPS
_TransferType
HUF
_ValueType
Hungarian forint
LKR
_ValueType
Sri Lankan Rupees
Indonesia
_Issuer
IQD
_ValueType
Iraqi dinar
MEPS+
_TransferType
MAS 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
_TransferType
Singapore 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
_ValueType
South Korean Won
Belgium
_Issuer
SEK
_ValueType
RUB
_ValueType
Russia Ruble
MEP
_TransferType
NKSInst
_TransferType
The NKSlnst is a payment system for settling instant credit transfers between its participants in kuna (HRK) in real tim
PKR
_ValueType
Pakistan Rupee
AECH
_TransferType
PromptPay
_TransferType
MOP
_ValueType
IBPS
_TransferType
MACSS
_TransferType
NOK
_ValueType
Norwegian Krone
Norway
_Issuer
JOD
_ValueType
The Jordanian dinar
CLP
_ValueType
Chilean Peso
USDC
_ValueType
PEN
_ValueType
Peruvian Sol
Dominican Republic
_Issuer
United States
_Issuer
SITRAF
_TransferType
KRONOS
_TransferType
Kronos2 is Danmarks Nationalbank's real-time gross settlement (RTGS) system for payments in Danish kroner
Stellar
_TransferType
HKD
_ValueType
Hong Kong Dollar
Chile
_Issuer
INR
_ValueType
Indian rupee
TWD
_ValueType
New Taiwan Dollar
PSA
_TransferType
Payment Services Austria GmbH
QAR
_ValueType
Qatari Riyal
IMPS
_TransferType
Immediate Payment Service
RB
_TransferType
Reiknistofa Bankanna
Kuwait
_Issuer
CNY
_ValueType
The 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
_ValueType
New Zealand Dollar
Denmark
_Issuer
BACS
_TransferType
Bacs Payment Schemes Limited
UAE
_Issuer
RTC
_TransferType
Africa Real Time Clearing (RTC)
United Kingdom
_Issuer
VIBER
_TransferType
RON
_ValueType
NPP
_TransferType
NIBSS
_TransferType
Nigeria 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
_ValueType
Nigerian naira
Vietnam
_Issuer
SGD
_ValueType
Singapore Dollar
Albania
_Issuer
CNAPS
_TransferType
China National Advanced Payment System (CNAPS) (also called Super Online Banking System)
Iraq
_Issuer
Angola
_Issuer
Value Layer
Concept
SAMOS
_TransferType
The South African Multiple Option Settlement
MAD
_ValueType
European Central Bank
_Issuer
Straksclearingen
_TransferType
The Straksclearing is operated by Nets who acts as an hub receiving and forwarding payments to/from payer/payee.
Romania
_Issuer
Brazil
_Issuer
Fawri+
_TransferType
Fawri+ 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
_TransferType
Bankgirot 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
_TransferType
Malawi Interbank Settlement System
COELSA
_TransferType
Germany
_Issuer
Centre
_Issuer
EuroNCS
_TransferType
The 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
_TransferType
Bangladesh Automated Clearing House
UGX
_ValueType
Ghana
_Issuer
KWD
_ValueType
Kuwaiti dinar
RTP
_TransferType
New Zealand
_Issuer
UAH
_ValueType
Hryvnia
Faster Payments
_TransferType
China
_Issuer
Namibia
_Issuer
GBP
_ValueType
EFT_Turkey
_TransferType
FAST
_TransferType
FAST (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
_TransferType
ReGIS is the national RTGS system for payments in lei offered by the BNR.
RTGS_Pakistan
_TransferType
TransFonD SENT ACH
_TransferType
GHS
_ValueType
GhIPSS Instant Pay (GIP) is a real time interbank account-to-account credit transfer service.
ZWR
_ValueType
QPS
_TransferType
Qatar Payment System
ZAR
_ValueType
The South African rand
KES
_ValueType
Kenyan shilling
Iran
_Issuer
SEP
_TransferType
System of Electronic Payments of the National Bank of Ukraine
PesaLink
_TransferType
NAPAS247
_TransferType
National Payment Service 24/7 Interbank Funds Transfer
Belarus
_Issuer
Hungary
_Issuer
IRTGS
_TransferType
Banking 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
_TransferType
CBN Inter-Bank Funds Transfer System
Sweden
_Issuer
Netherlands
_Issuer
Bahrain
_Issuer
SIC
_TransferType
Swiss Interbank Clearing
BCS/X
_TransferType
BCS/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
_TransferType
Central 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
_ValueType
rupiah
TCH
_TransferType
Taiwan Clearing House
NCS
_TransferType
The 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
_ValueType
Polish złoty
BSD
_ValueType
Bahamian Dollar
PYG
_ValueType
Paraguayan Guarani
CBE RTGS
_TransferType
Euro
_ValueType
Malawi
_Issuer
CBF
_ValueType
Philippine Peso
Barbados
_Issuer
NISS
_TransferType
Namibia Interbank Settlement System
India
_Issuer
RENTAS
_TransferType
KR
_ValueType
Icelandic króna
Wire
_TransferType
Israel
_Issuer
SARIE
_TransferType
Saudi 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.
