They are seeking to sidestep traditional distribution networks – including payment systems – through their control of social media, online marketplaces and mobile technologies. [6] This could lead to the rapid and large-scale take-up of the financial services offered by big techs, both domestically and across borders.
Because T2S is a single platform settling in central bank money, it will further promote the financial stability of market infrastructures. It will provide additional resilience to cross-border settlement, which is still somewhat lacking today. And settlement in central bank money is the safest form of cash settlement. T2S will only settle in central bank money.