Citi Payments Perspectives

21 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) Financial Market Infrastructure (FMI) Interlinkage Initiatives In Other Words • Interlinked payment systems, particularly IPs, across two or more jurisdictions may be the first step toward achieving 24/7 cross-border payments. • Strategy alignment and industry harmonization, i.e., ISO 20022 and one-leg capabilities, are essential to help achieve frictionless cross- border payments. Bank FMI FMI Bank Interconnectedness is an important part of the global financial landscape , which can be achieved through both direct and indirect linkages among FMIs. FMI interlinkages are bilateral or multilateral arrangements across two or more FMIs in different jurisdictions aimed at facilitating cross-border payments. These interlinkages have the potential of increasing financial connectivity for emerging market countries as well as enhancing services for payments, clearing, and settlement. Although predominantly developed as domestic payment infrastructures, instant payments are positioned to be a key enabler for lower friction cross-border payments through the interlinkage of instant payments schemes. Continued � Global Initiatives Financial Stability Board (FSB) Enhancing Cross-Border Payments Roadmap Emerging Payments and Digital Assets Payments Infrastructure Developments ISO 20022 SWIFT Transformation Instant Payments Financial Market Infrastructure (FMI) Interlinkage Initiatives Regional Developments (North America) Immediate Cross-Border Payments (IXB) TCH Request for Pay (RFP) Bill Pay Latest on Fed/CHIPS ISO Timelines Lynx — Canadian High-Value Payment System Glossary