Analytical Notes

Exploring Multilateral Platforms for Cross-Border Payments

Publication Date:

January 18, 2023

Electronic Access:

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Summary:

This report provides an assessment of whether and how multilateral platforms could bring meaningful improvements to the cross-border payments ecosystem. It was written by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) in collaboration with the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank.1 The report analyses the potential costs and benefits of these platforms and how they might alleviate some of the cross-border payment frictions. It also evaluates the risks, barriers and challenges to establishing multilateral platforms and explores two paths for their evolution. The analysis is based on a stocktake, conducted by the CPMI, of existing and potential multilateral platforms as well as bilateral discussions with existing platform operators.

Series:

Analytical Notes No 2023/001

Subject:

Correspondent banking Currencies Economic sectors Financial crises Financial markets Financial services Foreign exchange Money Payment systems Public sector

Frequency:

occasional