An innovative and integrated European retail payments market: Panel: G20 Roadmap

Panel: G20 Roadmap for enhancing cross-border payments: Interlinking of fast payment systems as a priority action

Chair: Tara Rice, Head of Secretariat, Committee on Payments and Market Infrastructures, Bank for International Settlements

Ulrich Bindseil, Director General Market Infrastructure and Payments, European Central Bank
Maha El Dimachki, Head of the Singapore Centre, BIS Innovation Hub
Mehdi Manaa, Chief Executive Officer, Buna
Ritesh Shukla, Chief Executive Officer, NPCI International Payments Limited
José Luis Langa Hernando, Deputy Managing Director, Iberpay

The G20 roadmap addresses major challenges associated with cross-border payments, which, compared to domestic payments, are still expensive, opaque and slow. Enhancing cross-border payments is also part of the Eurosystem retail payments strategy. What is the status of the G20 action plan, and what can central banks and other stakeholders do to move ahead with its implementation, notably on interlinking fast payment systems across borders? What are the advantages and disadvantages of bilateral links and multilateral links, different development strategies, and implementation prospects?