EMBank’s Çilingir says payment rails matter more than the dollar debate

Ekmel Çilingir, chairman of EMBank’s Supervisory Board, argues that control of payment infrastructure will shape global finance more than which currency dominates. His article points to rising alternative payment networks, CBDCs and cross-border settlement tools as signs of a more fragmented, multi-rail financial system.

Why it matters: - The debate over de-dollarization is shifting toward a broader question: who controls the systems that move money across borders. - Payment infrastructure can shape trade flows, liquidity access, sanctions exposure, and economic resilience. - Banks, fintechs and governments now have to treat rail selection and interoperability as strategic issues, not just technical ones.

What happened: - Ekmel Çilingir, chairman of the Supervisory Board at EMBank, published a new article, “Why Payments Infrastructure Matters More Than the Dollar Debate.” - The article argues that the future of global financial power will depend less on currency dominance and more on payment infrastructure control. - Çilingir ties the analysis to Vilnius-based EMBank and its focus on financial infrastructure and cross-border payments.

The details: - The article says the US dollar remains central to international finance because of deep capital markets, liquidity, institutional trust and network effects. - Çilingir says the dollar’s influence has always relied on supporting infrastructure, including correspondent banking networks, clearing and settlement systems, payment messaging platforms and regulatory frameworks. - The article highlights China’s Cross-Border Interbank Payment System, or CIPS, as one alternative rail gaining attention. - Regional payment connectivity efforts across Asia, Africa and the Middle East are also expanding. - Central bank digital currencies are part of the shift, alongside growing use of local currencies in trade settlement. - Çilingir says these changes are building alternative payment routes and settlement mechanisms that create optionality for governments, businesses and financial institutions. - Global financial activity still depends on messaging systems, clearing houses, correspondent banks, liquidity providers and settlement platforms. - Access to those systems can influence investment decisions and economic resilience. - The article says recent sanctions and restrictions on payment access have underscored the strategic value of financial connectivity. - Governments and central banks are investing in domestic payment systems, instant payment networks, digital currency projects and cross-border interoperability. - Banks and payment providers must now weigh infrastructure risk alongside liquidity, credit and foreign exchange exposure. - The economics of a payment will increasingly depend on rail selection, speed, transparency, data quality and regulatory exposure, Çilingir says. - The article says intelligent payment orchestration, interoperability tools and infrastructure management are becoming competitive differentiators for fintechs and financial services firms. - Çilingir warns that a multi-rail system can also create fragmentation if common standards are missing. - Risks include incompatible messaging standards, differing compliance requirements, fragmented liquidity pools and divergent regulatory frameworks. - The article says the goal should be interconnected systems that preserve efficiency, trust and global connectivity while still allowing flexibility and sovereignty.

Between the lines: - The piece reflects a broader industry view that financial power is becoming more networked and less tied to a single reserve currency story. - It also suggests that infrastructure control may become a new form of geopolitical leverage, especially as states seek more autonomy from legacy payment channels. - The analysis points to a likely split between still-dominant global rails and a growing set of regional and digital alternatives.

What’s next: - Traditional systems such as SWIFT, correspondent banking networks and major reserve currencies are expected to remain core to global finance. - Regional payment networks, local-currency settlement corridors, tokenized assets, wholesale CBDCs and digital settlement platforms are likely to keep expanding. - The next phase of competition will center on which networks can connect currencies, institutions and markets with speed, resilience and trust.