On 18 October 2023, the Bank for International Settlement’s Committee on Payments and Market Infrastructures (CPMI) published an interim report to the G20 on linking faster payment systems (FPS) across borders: considerations for governance and oversight.
Interlinking arrangements among fast payment systems (FPS) are one of the most promising solutions for enhancing cross-border payments, offering the prospect of significantly faster, cheaper, more accessible and transparent cross-border payments. However, practitioners and authorities involved in FPS interlinking have noted that agreeing on workable governance and oversight arrangements can be especially challenging due to the multi-jurisdictional, cross-border and/or cross-currency nature of these arrangements.
The interim report – issued as part of the G20 cross-border payments programme – describes initial considerations on governance and oversight for FPS interlinking across borders. In particular it describes 10 initial considerations, resulting from a series of workshops with global stakeholders that was undertaken by the CPMI to better understand the sensitivities, complexities and experiences in this area. Together with the additional insights to be gained from further engagement with stakeholders and their written feedback on this interim report, the CPMI will submit a final report to the G20 on governance and oversight of FPS interlinking arrangements.
The deadline for comments to the interim report is 13 December 2023.