Interoperability between payment systems across borders

Codruta Boar, Stijn Claessens (), Anneke Kosse, Ross Leckow and Tara Rice

No 49, BIS Bulletins from Bank for International Settlements

Abstract: Interoperability among payment systems – as the foundation for enhancing cross-border payments – requires technical, semantic and business system compatibility so that end users can seamlessly transact with each other across systems. Public and private sector options in pursuing cross-border payment system interoperability can be illustrated using four stylised models, ordered in increasing complexity and cost but also greater efficiency – a single access point, bilateral link, hub and spoke or a common platform. The BIS Innovation Hub is putting theory into practice with several innovative projects to foster interoperability across the four stylised models. An ambitious, multi-year G20 programme to enhance cross-border payments is under way.

Pages: 9 pages
Date: 2021-12-10
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