Recent advances in technology and innovation, such as distributed ledger technologies (DLT) and multilateral platforms, create the potential for new payment infrastructures and instruments for cross-border payments. DLT, in particular, could represent a break with the way in which payment infrastructures have traditionally worked, i.e. a model in which information is centralized at a single trusted entity.
The reasons for caution in advocating unified model for developing countries have been articulated very well by Professor Charles Goodhart in the Eleventh C.D.Deshmukh Memorial Lecture "Whither Central Banking? ": "I doubt whether the pressures to establish a unified, specialist, supervisory agency are quite so strong in most developing countries. The financial system is less complex, and dividing lines less blurred.