Abstract
International payments consist of outgoing and incoming payments in a country's currency out of and into that country, as well as offshore payments in that currency, between two parties outside that country. A global payment and settlement system exists for each national currency. For payments between distant parties over such a system to function like the face-to-face delivery of cash, a robust banking system, tight risk controls, and sophisticated technological and liquidity-saving features must be put in place.
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