Objectives of the session
In the context of swift innovation enabled by internet and the progressive development of emerging markets, cross-border payments have remained expensive, slow, and insufficiently secured notably in the context of ever-growing cybercrime and money laundering. To address these challenges the Financial Stability Board (FSB) coordinates an amazing 19 building-block roadmap of actions.
In this context the session will aim at discussing the progress made in certain promising areas and identifying where additional initiatives are desirable. The evolutions of existing players involved in the cross-border payment value chain will also be touched upon as will the evolutions that regulation and supervision require at the international level.
Questions to be addressed
- What is the added value for cross border payments of extending PvP procedure to additional currencies and the lessons drawn on the pilot model launched by CLS?
- What other initiatives are essential for making correspondent banking more effective and allowing further competition? How are the related SWIFT initiatives progressing? What are the perspectives of secure corridors in term of to reduced KYC costs and delays?
- What role to play for stable coins and CBDC? What are key challenges for the use of CBDC for cross-border payments?
- What are the interoperability and interconnectivity progress necessary to improve cross border payments notably learning on the Nexus blueprint proposed by the BIS?