Unpacking 3 Key Concepts From G20's Enhanced Cross Border Pa...

Rapid globalisation and available technological advancements have spurred the demand for more efficient, transparent, and accessible cross-border payment systems. Multilateral payment platforms have emerged as a promising solution to address the needs of increasingly globalised users, who need to send and remit funds across borders for various reasons. Multilateral payment platforms are by design, operating across regions with the potential to reduce costs while increasing the speed, safety, and transparency of cross-border payments. The G20 Roadmap for Enhancing Cross-border Payments of the Financial Stability Board (FSB) also lists them as a key priority for enhancing such payments. The Bank for International Settlements (BIS) Innovation Hub's Point Zero Forum 2023 roundtable brought together key stakeholders and leaders from both the public and private sectors to discuss opportuniti...