- Improving Interoperability Between Traditional and Digital Payment Systems
- Aiming for Efficiency in Cross-Border Transactions
The Reserve Bank of India (RBI), the country’s central bank, has suggested developing a plug-and-play system for cross-border payments to improve interoperability among countries.
Improving Interoperability Between Traditional and Digital Payment Systems
With the emergence of fast payment systems across countries and experimentation around central bank digital currencies (CBDC), new possibilities have emerged that could bring greater efficiency to cross-border payments.
Aiming for Efficiency in Cross-Border Transactions
A recurring agenda of importance across the G20 and international standard-setting bodies, like the Committee on Payments and Market Infrastructures, has been to bring efficiency to cross-border payments. Various initiatives and experimentation in bilateral and multilateral arrangements among countries are already underway.
India has already made some progress and would be looking to develop a plug-and-play system for the benefit of the global community.
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