Cross-border payment technologies: innovations and challenges

Stijn Claessens and Tara Rice

No 167 in BIS Papers from Bank for International Settlements

Abstract: Cross-border payments (XBP), particularly remittances and retail transactions, remain more costly, slower, less accessible, and less transparent than domestic payments. The continued inefficient XBP arrangements, in contrast to progress made in domestic payments using new technologies and innovative models, reflect that private actors alone cannot overcome the many market failures that hinder XBP. The most binding constraint concerns the limited interoperability which relates to the multi-sided market frictions in XBP and the institutional differences between countries. These, ultimately, only proactive and collaborative public sector efforts can overcome. Key priorities are therefore greater harmonization of standards, especially for message transmission, more effective compliance regimes, and promotion of competition.

Date: 2026 Written 2026-03
ISBN: 978-92-9259-939-3
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.bis.org/publ/bppdf/bispap167.pdf Full PDF document (application/pdf)
http://www.bis.org/publ/bppdf/bispap167.htm (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bis:bisbps:167

Access Statistics for this book

More books in BIS Papers from Bank for International Settlements Contact information at EDIRC.
Bibliographic data for series maintained by Martin Fessler ().