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Our payments white papers

Lipis Advisors has long been recognized as a payments thought-leader. Over the past two decades, we've authored numerous white papers that explore the changing payments landscape. Here, you’ll find our handpicked white papers, both written by our payment advisors and in partnership with other industry leaders. To inquire about partnering on a white paper, please contact us.

We help our clients

Increase their marketing potential

A good white paper is specific and audience-sensitive, and aims to help readers remain relevant and competitive. White papers also create excellent marketing opportunities for their authors.

Get recognized as experts

In an increasingly digital era where conference chit-chat has been replaced by virtual webinars, a good white paper is an industry litmus test for separating the truly knowledgeable from the hype producers.

Identify trends and processes

Whether you need to understand today’s payment trends or consider how to advance your payment processes to meet the demands of modern commerce, Lipis Advisors has covered the topic.

Lipis Advisors' white papers


Enabling Offline Payments in an Online World: Scalability

With the increase in smartphone penetration, the growth in e-commerce, and the increased adoption of online banking, payment digitalization has rapidly accelerated. Recent trends driving a shift away from cash are likely to persist over the medium term, and exploration and implementation of Central Bank Digital Currencies (CBDCs) are on the rise. In this context, designing scalable and future-proofed payments systems that can handle significant increases in usage in a sustainable and cost-efficient manner is of crucial importance to payment system operators.

In this paper, we consider offline functionality as an innovative tool to enhance payment system scalability. This paper, sponsored by Crunchfish AB, is the fifth of a series entitled “Enabling offline payments in an online world”.


Part 1: Best Practices in Directory Models

This insights white paper is part one of a two-part series that identifies best practices in directory models. Through a combination of desk research and industry interviews, Lipis Advisors set out to assess industry best practices across 14 directories active in the digital payment ecosystem. Our goal was to understand how directory models can promote wider acceptance of instant payments.


Approaching PSD3

More than three years have passed since the EU’s PSD2 came into full effect. The payments ecosystem has continued to evolve, with new market actors, payment solutions and services, technologies, and of course, payment needs from end users gaining importance.

This research piece explores industry responses to the EC's consultation and uncovers some of the trends shaping the new legislative proposal, PSD3.


Enabling Offline Payments in an Online World: Interoperability

Interoperability is a key design feature of the most successful payment systems today. It expands the reach of electronic payments to a wider user base, drives competition and innovation, and promotes a more inclusive ecosystem. This paper, sponsored by Crunchfish AB, is the fourth of a series entitled “Enabling offline payments in an online world”. This time, we investigate how offline functionality can be used to enhance interoperability.


Enabling Offline Payments in an Online World: Privacy Considerations

The most anonymous form of payment that exists today is gradually being displaced by faster and more convenient digital payment services. This raises questions regarding how to safeguard user privacy in a digitalized world. In this paper, we explore a potential benefit of offline payment functionality: enhanced user privacy. This paper, sponsored by Crunchfish AB, is the third of a series entitled “Enabling offline payments in an online world”.


Enabling Offline Payments in an Online World: Offline Payment Security

Our second Enabling Offline Payments in an Online World white paper, sponsored by Crunchfish AB. This paper provides a practical guide to navigating the unique challenges of offline payment security.


Enabling Offline Payments in an Online world: Design Choices

As payments have increasingly gone digital, the dependency on internet connectivity for making payments has also risen. As such, there has been increased interest from central banks and payment system operators to enable digital payments in an offline setting. This paper, sponsored by Crunchfish AB, is the first in a new series titled “Enabling offline payments in an online world.” It delves into the “why” behind offline payments and outlines design decisions for enabling offline payments.


Navigating the rapidly evolving payments landscape: getting policies and technology right

In an era of digital leapfrogging and rapid payments development, it’s important to understand the basics of payment system design. This white paper aims to answer the “why” implicit in the development of new payment systems. Lipis Advisors presents a multi-phased approach for payments modernization efforts that highlights potential financial stability risks, benefits to different stakeholders, and challenges that may be faced in implementation.

2023, Lipis Advisors and the Digital Euro Associaiton

The Future of Machine Money: Opportunities for Stablecoins in Europe

Discover the potential of stablecoins in the European machine-to-machine (M2M) economy . The paper examines the benefits and drawbacks of M2M payments, provides industry use cases that highlight the potential benefits of stablecoin-enabled IoT and M2M payments, and discusses the need for further guidance from regulators to spur M2M payment growth.

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2022, US Faster Payments Council

International Best Practices in Directory Models by the US Faster Payments Council Directory Models Work Group

This is a collaborative effort from the members of the US Faster Payments Council Directory Models Work Group. The report presents research on six directory overlays to faster payment systems across the globe. Our managing consultant Andrew Gomez led the research comparing several directory models, and highlights the lessons learned for the US. This paper provides information on Pix, UPI, Bizum, Interac, and others.

2022, Report Series Partner: Ripple. Presented by Currency Research and Lipis Advisors

Decoding CBDC: Entering The Next Phase of CBDC Exploration (Part 3)

This is the third of the renowned series of reports covering CBDC Implementation & Practical Guidance. The whitepaper provides insights on what can central banks take away from CBDC exploration to date, the areas that central banks should explore as part of the next stage of CBDC development, and innovations that central banks should monitor as CBDC exploration advances.

2022, Report Series Partner: Ripple, Hedera, and Prosperus. Presented by Currency Research and Lipis Advisors

Decoding CBDC: A Practical Guide to CBDC Design and Implementation (Part 2)

The report aims to provide a detailed assessment of CBDC infrastructures and solution providers, helping central bankers make informed design and technology choices as they navigate CBDC implementation.

2022, CMA Small Systems and Lipis Advisors

Imagining the Future of RTGS systems

Over the past few decades, RTGS systems have played an important role in financial sector development and have been an essential tool in managing the financial system's stability. However, since these systems were first implemented, the payments ecosystems have undergone a dramatic transformation. Together with CMA Small Systems, Lipis Advisors provides insights into new functionalities that central banks should consider as part of their RTGS modernization plans.

2022, Report Series Partner: Ripple, Presented by Currency Research and Lipis Advisors

Decoding CBDC: A Practical Guide to CBDC Design and Implementation (Part 1)

This report explores a variety of technology and design issues related to CBDC implementation, such as: token-based vs. account-based regimes, how blockchain-based cryptocurrency techniques can be used to support CBDC implementation, type of ledger (e.g. centralized vs. decentralized), privacy aspects (e.g. KYC, fraud), and design of user interface on CBDC devices.

2020, TietoEVRY

Accelerating Real-Time Payment Adoption

Lipis Advisors was sponsored by TietoEVRY to create a comprehensive look at the use-cases, value-added services, and real-world examples leading real-time payment adoption.

2019, Finastra

The Future of Payments in South Africa

Lipis Advisors was sponsored by Finastra to track how recent modernization efforts in South Africa and the South African Development Community (SADC) are affecting existing payments technology. This white paper looks at South Africa within the context of global payment trends, major stakeholder groups, and the future of payments in the region.

2019, ACI Worldwide

Get More from Real-Time

Lipis Advisors worked in partnership with ACI to respond to the convergence of real-time payments and open banking. This powerful duo will surely have a lasting effect on the future of payments and introduces new opportunities in an increasingly dynamic market. This white paper takes a strategic look at the implications of open banking for various stakeholders, how it will affect the consumer expectations, and what decisions must be made to adapt to a changing landscape.


Working with payments professionals, of the caliber of Lipis Advisors, makes it easy to bring complex whitepapers to life.


Lipis Advisors has created numerous thought-provoking, accessible and well-received whitepapers for our organization.


Our latest insights

What we’re up to: A selection of our recent activities and exclusive insights from our experts.

How FedNow will Change U.S. Payments: What You Need to Know about the New Real-Time Payment Service

Following a long consultation process between industry stakeholders and government agencies, the Federal Reserve announced the development of the FedNow.

South Africa’s instant payment system is shap, shap: PayShap is live

South Africa launches its new real-time Rapid Payments Program PayShap

Read more insights →