Coding cash: Unveiling the new frontier of programmable money

by Riccardo Tordera Ricchi, head of policy and government relations, The Payments Association

Share this post

The payments landscape is poised for a significant transformation with the rise of programmable money and smart contracts explored in The Payments Association’s (TPA) latest white paper, “Coding Cash: Exploring the Horizon of Programmable Money and Payments.” This publication serves as a pivotal resource for the payments industry, aiming to clarify the distinctions between programmable money and payments, showcasing how these technologies can revolutionise financial transactions.

TPA’s efforts over the past few years have significantly advanced understanding within the industry, beginning with the introduction of central bank digital currency (CBDC) concepts to policymakers. This initiative, starting with Project New Era, has produced a green paper and involved various seminars and education sessions in the UK Parliament for MPs and Peers. It has been conducted in close collaboration with the Crypto and Digital Currencies APPG, chaired by Dr Lisa Cameron MP.

The strategic launch of TPA’s latest white paper in the UK Parliament was designed to ensure policymakers fully grasp the implications of programmable money. This is vital as the differences between programmable money and programmable payments are still not widely understood.

The white paper refrains from discussing the more controversial uses of programmable CBDCs to maintain a neutral and focused dialogue on the benefits and cautious approach required in their implementation.

Nevertheless, the flexibility of programmable payments can be harnessed for beneficial purposes, including automated tax calculations, streamlined welfare payments, enhanced compliance monitoring, and more efficient settlement processes for trades and transactions, all without compromising individual liberties.

Findings from TPA stress the importance of clearly distinguishing these technologies and their applications to prevent misconceptions and potential misuse. As we navigate this complex landscape, aligning our strategies with future compliance and policy developments becomes increasingly crucial.

Looking forward, the move towards a fully programmable financial ecosystem presents both challenges and opportunities. It is essential to proceed with a balanced approach, leveraging the benefits of these technologies while protecting against potential abuses.

The insights provided in “Coding Cash” mark the beginning of what promises to be a transformative journey in digital finance. As the potential of programmable money unfolds, it’s clear that the conversation about digital finance extends beyond technological innovation to shaping a future that aligns with democratic values and enhances financial inclusion. The ongoing work ensures that our financial infrastructure is robust, inclusive, and adaptable, ready to embrace the future of money in an increasingly digital global economy.

Payments Review Summer 2024
Read the entire Payments Review spring edition here

More To Explore


Are you a member of The Payments Association?

Member benefits include free tickets, discounts to more tickets, elevated brand visibility and more. Sign in to book tickets and find out more.


Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.

Continue reading

Explore how programmable money can revolutionise financial transactions. Subscribe to Payments for the full article.

Subscribe to continue reading

Already a subscriber? Please log in to continue

Having trouble signing?

We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.

First things first

Have you set up your Member account yet? If not, click here to do so.

Still not receiving your auto-login link?

Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.

Please click the button below which relates to the issue you’re having.

I didn't receive an e-mail

Tip: Check your spam

Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association

Tip: Check “other” tabs

Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.

Tip: Click the link within 60 minutes

For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.

Tip: Only click once

The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.

Tip: Delete old login e-mails

Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.

Tip: Check your security policies

Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.

Need to change your e-mail address?

For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.

Still got a question?