Research library

The evidence on coordinating payment timing

FNA's research on Sampo, our briefing papers, and the central bank and academic research that our work cites.

FNA research

FNA's impact assessments of Sampo for central banks and supervisors. They are confidential and available on request.

Impact assessment

FNA Sampo: a bank-delivered intraday liquidity coordination service. Eurosystem impact assessment

FNA · 2026 · For central banks and supervisors

Available on request
Impact assessment

FNA Sampo: a bank-delivered intraday liquidity coordination service. Federal Reserve impact assessment

FNA · 2026 · For central banks and supervisors

Available on request

Briefing papers

Short papers for treasury, risk and policy readers.

Briefing

The intraday liquidity problem

FNA · 2026 · Why liquidity use is uncoordinated, what regulation requires, and why coordination also improves resilience

Read
Briefing

Data and methodology

FNA · 2026 · How the modeled results are produced and what they leave out

Read
Briefing

The executive case

FNA · 2026 · The proposition for a bank, and how a bank validates it on its own flows

Read
Briefing

Regulatory and assurance posture

FNA · 2026 · Sampo's working classification and assurance approach for the current phase

Read
Q&A

Questions from banks

FNA · 2026 · Economics, control and operations, confidentiality, technology and regulation

Read

Central bank and academic research

Work by central banks and academics on liquidity-saving mechanisms, intraday liquidity and its regulation. Papers with an FNA co-author are marked.

FNA co-author

Gridlock resolution in interbank payment systems

M. Bech and K. Soramäki · Bank of Finland Discussion Papers 9/2001

Source
FNA co-author

Intraday liquidity needs in a modern interbank payment system: simulation studies

R. Koponen and K. Soramäki · Bank of Finland Studies E:14 · 1998

FNA co-author

An agent-based model of payment systems

M. Galbiati and K. Soramäki · Journal of Economic Dynamics and Control 35(6) · 2011

Central bank

How has the Liquidity Saving Mechanism reduced banks' intraday liquidity costs in CHAPS?

N. Davey and D. Gray · Bank of England Quarterly Bulletin 2014 Q2

Academic

Liquidity-saving mechanisms

A. Martin and J. McAndrews · Journal of Monetary Economics 55(3) · 2008

Central bank

Quantifying the benefits of a liquidity-saving mechanism

E. Atalay, A. Martin and J. McAndrews · Federal Reserve Bank of New York Staff Reports · 2010

Central bank

Liquidity-saving mechanisms: quantifying the benefits in TARGET2

M. Diehl and U. Schollmeyer · Deutsche Bundesbank · 2012

Academic

Liquidity-saving mechanisms in collateral-based RTGS payment systems

M. Jurgilas and A. Martin · Annals of Finance 9(1) · 2013

Academic

The intraday liquidity management game

M. Bech and R. Garratt · Journal of Economic Theory 109(2) · 2003

Central bank

Intraday liquidity: risk and regulation

A. Ball, E. Denbee, M. Manning and A. Wetherilt · Bank of England Financial Stability Paper No. 11 · 2011

Central bank

Intraday liquidity around the world

Bank for International Settlements · BIS Working Paper No. 1089 · 2023

Source
Central bank

Fedwire Funds Service: payments, balances, and available liquidity

A. Badev et al. · Finance and Economics Discussion Series 2021-070, Federal Reserve Board · 2021

Standard

Monitoring tools for intraday liquidity management (BCBS 248)

Basel Committee on Banking Supervision · 2013

Central bank

Liquidity optimization in gross settlement systems with quantum reordering: application to TARGET2

G. Astuti et al. · Banca d'Italia, Markets, Infrastructures and Payment Systems No. 78 · 2026

Academic

Improving the efficiency of payments systems using quantum computing

C. McMahon et al. · Management Science · 2024