On 15 October 2024, the Committee on Payments and Market Infrastructures (CPMI) issued the following reports which offer insights into enhancing cross-border payments by facilitating the interlinking and interoperability of payment systems:
- Linking fast payment systems across borders: governance and oversight – final report. This final report informs owners and operators of fast payment systems (FPS) when they are developing the governance and risk management of their FPS interlinking arrangement as well as overseers when they are defining their oversight approach. It discusses the main decisions to be taken by operators in developing the governance approach for FPS interlinking arrangements and sets out recommendations that overseers should consider when developing an oversight approach for the respective component FPS or a separate entity.
- Promoting the harmonisation of application programming interfaces to enhance cross-border payments – recommendations and toolkit. The report has 10 recommendations divided into four categories: i) recommendations that aim at facilitating the global API harmonisation processes; ii) recommendations that focus on API design principles and the use of existing international data standards; iii) recommendations to enhance the developer experience; and iv) recommendations to promote pre-validation APIs and implementation. Each recommendation has a list of potential actions that constitute practical and concrete implementation measures. The recommendations are also supported by a toolkit to assist stakeholders when assessing their current practices.