Abstract

The difficult problem of interface is typically not one of inward interface but one of outward interface. The data processing system for a given industrial corporation may be beautifully designed, but there may arise large problems of extending it to incorporate the activities of a newly acquired subsidiary already having a data solution of its own. A national on-line real-time hotel booking system may work well, but it just may not easily merge with a similar system in another country to form an international network. The present note describes the grave interface problems that seem to loom ahead in the field of on-line real-time central banking. The suggestion is put forward that the International Monetary Fund has a unique responsibility in preparing for interface between international payment networks of tomorrow.

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