the corresponding payment. 7. apis offer a standardised way to communicate between different software services. 8. the bis ’ s committee on payment and settlement systems has developed frameworks for interlinking payment systems as part of the g20 cross - border payments programme, covering links between wholesale payment systems, as well as links between fast retail payment systems. as regards the latter, within the eurosystem the banca d ’ italia has experimented with cross - currency settlement by interlinking tips with systems that settle foreign currencies. 9. in permissionless dlts, transactions between participants in the scheme are validated by solving cryptographic algorithms without the intervention of a central agent in charge of managing the scheme. 10. for instance if they cannot smoothly initiate the corresponding cash transfer in the target services and settle in delivery - versus - payment mode ( a securities settlement mechanism which links a securities transfer and a funds transfer in such a way as to ensure that delivery occurs if – and only if – the corresponding payment occurs ). 11. panetta, f. ( 2020 ), “ the two sides of the ( stable ) coin ”, speech at il salone dei pagamenti, 4 november. 12. deutsche bundesbank ( trigger solution ) and banca d ’ italia ( tips hash - link ) have experimented with this approach. 13. banque de france has conducted a number of experiments based on this approach. 14. this platform could be linked to other market dlt platforms where securities or other assets are recorded and transferred, or it could be a platform for both cash and securities – in effect a dlt equivalent of t2s.

##holm, k., radde, s. and vladu, a., “ tracing the impact of the ecb ’ s asset purchase programme on the yield curve ”, working paper series, ecb, forthcoming. 6 see ecb ( 2018 ), ecb decides on technical parameters for the reinvestment of its asset purchase programme, press release, 13 december. because our holdings of some sovereign bonds at the end of our net purchase phase exceeded the amount implied by the share of these countries in the capital key, we communicated last december that we would start to gradually adjust monthly purchase volumes under the reinvestment phase with a view to reducing cumulated deviations from the capital key without adversely affecting financial conditions. 7 see cœure, b. ( 2017 ), “ bond scarcity and the ecb ’ s asset purchase programme ”, speech at the club de gestion financiere d ’ associes en finance, paris, 3 april. 8 see ecb ( 2019 ), ecb announces details of new targeted longer - term refinancing operations ( tltro iii ), press release, 6 june. 9 further efforts to build a true capital markets union would help extend these improvements by, for example, allowing firms to further diversify their investor base or to issue securities on a pan - european level. see also cœure, b. ( 2018 ), “ the euro area ’ s three lines of defence ”, speech at the conference “ deepening of emu ”, ljubljana, 2 february ; and cœure, b. ( 2018 ), “ the role of the european union in fostering convergence ”, speech at the conference on european economic integration ( ceei ), vienna, 26 november. 14 / 14 bis central bankers'speeches