Payment Network Governance

New technology is rapidly changing how we make payments. In order to successfully harness this new technology, the architects of our payment systems-like all network utilities-must grapple with a series of thorny decisions about network stability, access, and investment. This Article demonstrates that these decisions present important and often intractable tradeoffs: with these architects generally only able to control at most two of these three critical network features. Using examples from the domestic U.S. payment system, the global correspondent banking system, and the emerging crypto ecosystem, this Article argues that these tradeoffs have wide-ranging policy implications for financial stability, for payment system competition and innovation, and for financial inclusion. These tradeoffs highlight the important role of network governance in promoting a level playing field, coordinating the development and adoption of new payment technology, and ensuring that the resulting network infrastructure serves to advance the public good.