Cross‑border payments: Infrastructure, policy, and emerging solutions
About the course
Participants on this course will delve into the evolving landscape of cross-border payments. The training will address their growing importance and the main challenges facing central banks in creating fast, cost-effective, and transparent systems. Key topics include correspondent banking and the role of RTGS, how fast payment systems are being interlinked, the potential for CBDCs in reducing cross-border frictions, and the pros and cons of private solutions. This engaging course will equip participants with the essential tools and knowledge to understand the complexities of cross-border payments.
Agenda
Welcome and context-setting
- Introduction, programme overview, and learning objectives
The role of cross-border payments
- Review of cross-border payments: use cases, challenges, and their evolving role in the current geopolitical landscape
- Difference between wholesale and retail cross-border payments
- Interoperability as a facilitator of cross-border integration
Improving correspondent banking with upgraded RTGS
- Pros and cons of the correspondent banking model
- Role of RTGS within correspondent banking
- RTGS service renewals in support of increased cross-border connectivity
- Extending and aligning operating hours
- Harmonisation of the ISO 20022 messaging standards
- Revision of AML/CFT standards
Interlinking fast payment systems: bi- and multilateral connections
- Growing ubiquity of fast payment systems
- Improving speed, cost, and transparency with bi- and multilateral initiatives
- Aligning legal and regulatory frameworks across diverse jurisdictions
- Current status of existing interlinked fast payment systems, e.g. Project Nexus
CBDCs as a catalyst for cross-border payments
- Motivations for CBDC adoption by central banks and users
- How CBDCs might overcome obstacles associated with cross-border payments
- Integrating cross-border functionality into CBDC design
Innovative cross-border solutions
- Potential for stablecoins, cryptocurrency, and fintechs to reduce cross-border frictions
- Challenge of varying legal and regulatory frameworks, lack of interoperability, and limited scalability
- Promoting competition and innovation within the private sector
Conclusion
- Course summary and closing remarks
Learning objectives
- Gain a deeper understanding of cross-border payments
- Learn how RTGS service renewals benefit connectivity
- Examine the case for bi- and multilateral linkages
- Discuss the potential of CBDCs in cross-border flows
- Identify the pros and cons of private solutions
Who should attend
Relevant titles and departments may include, but are not limited to:
- Directors of payments and market infrastructures
- Heads of payments systems oversight
- Heads of market infrastructure development/management
- Heads of retail payment instruments
- Heads of innovation/fintech/digital currency
- Payment systems officers
- Directors of monetary policy
- Policy analysts
- Chief strategy officers
- Risk officers
- Heads of clearing and settlement
- Payments & FMIs department
- Oversight division
- Market innovation and integration division
- Market infrastructure development division
- CBDC division
- Monetary policy department
- Risk division
- Strategy division
- Clearing houses and local regulators
