If you have ever wondered how the global payments industry has made some people very rich indeed, read The Payoff, the new book by former SWIFT CEO Gottfried Leibbrandt and former SWIFT Head of Corporate Affairs Natasha de Terán, published on 1 July. 

The authors show that the payments industry imposes a massive tax on all forms of economic activity, but for once the villains are not the banks, whose work in managing counterparty, settlement and liquidity risk they consider to be more than useful. 

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