Viewpoint: Improving Cross-Border Payments Is Critical To Support Global Economic Growth, Trade And Financial Inclusion
By Mayra Rodriguez Valladares
Resolving longstanding frictions and challenges in cross-border payments has been a major objective of the Committee on Payments and Market Infrastructures (CPMI). According to the CPMI, the international standard setter which promotes the safety and efficiency of payment, clearing, settlement and related arrangements, “Faster, cheaper, more transparent and more inclusive cross-border payment services would deliver widespread benefits for citizens and economies worldwide, supporting economic growth, international trade, global development and financial inclusion.”
In a comprehensive report published today, the CPMI identified “19 building blocks, which offer a comprehensive set of measures to enhance cross-border payments.” This is the second report in a series of three analyzing challenges to cross-border payments, building blocks to improve cross-border payment systems and the roadmap to resolve the frictions and challenges. The analysis included retail (including remittances) and wholesale payments.
Photo courtesy of Monito.