Research track

Transaction banking & treasury

Payment flows as information — provenance, purpose and forward implication — and why fungibility is a compensation rather than a fact.

Notes on this track go here.

Related pieces

The compensating structure

Most institutional AI work is tooling: it makes an existing process cheaper or faster and leaves the shape of the business unchanged. The alternative starts from one question — what does this let us stop doing? — and the answer is usually a compensating structure: a body of process, infrastructure and convention that exists only because a particular piece of information could not be read. Three cases from unrelated businesses share the identical shape.

Draft for discussion