Connecting payment systems, linking economies

Massimo Ferrari Minesso, Laura Lebastard and Olga Triay Bagur

Research Bulletin, 2026, vol. 146

Abstract: Cross-border payments are often slow and costly with many regions underserved by current arrangements. In line with the G20 Roadmap for Enhancing Cross-border Payments, several countries and regions, including the euro area, are working to interlink their domestic fast payment systems as a way to improve speed, cost and transparency. Econometric evidence suggests that countries with interlinked systems trade about 4% more with each other – around half of the effect of a trade agreement and a quarter of the effect of a common currency. The trade gains from interlinking fast payment systems are larger in regions with high cross-border payment costs and for systems that allow the settlement of wholesale transactions. JEL Classification: E42, F15, F30

Keywords: fast payment systems; interlinking; Trade (search for similar items in EconPapers)
Date: 2026-09
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