Citi Payments Perspectives
22 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) Below are a few notable developments in the FMI interlinkage space: Immediate Cross-Border Payments (IXB) BIS Nexus Real-time payment systems linkages in Asia-Pacific BUNA-TIPS In January 2021, EBA CLEARING (Pan-European payments), SWIFT and The Clearing House announced a joint initiative called IXB (Immediate Cross- Border Payments) to speed up and enhance payments across the USD/EUR corridor. With the support of seven banks, including Citi, the IXB team executed a successful proof of concept (POC) to support testing across the test environment of the RTP and RT1 schemes to demonstrate the viability of synchronizing cross-border settlements across two existing instant payments systems. Please see the IXB Press Release and refer to the NAM Regional Developments section for more details. 17 The Bank for International Settlements (BIS) Innovation Hub launched Project Nexus, which provides a blueprint on how to link domestic instant payment systems operated by central banks to enable cross- border transactions through a single network. This project looks to leverage the benefits offered by instant payments — speed, 24/7 availability, access, cost efficiency, and transparency — to create interoperability between payment infrastructures globally and improve the overall cross-border payment experience. Please see the Nexus Press Release here . 18 The Monetary Authority of Singapore has established separate bilateral agreements with the Bank of Thailand, the Reserve Bank of India, and Bank Negara Malaysia to enable cross-border payments and support growing remittance traffic between their respective countries. PayNow-PromptPay 19 (Thailand), PayNow-UPI 20 (India), and PayNow-DuitNow 21 (Malaysia) will enable users in their respective countries to transfer funds using the recipient’s mobile number. Banca D’Italia and the Arab Regional Payments Clearing and Settlement Organization (ARPCSO) announced the successful completion of a joint experiment aimed at linking for the first time their respective instant payment settlement platforms (TIPS and BUNA IPS) with multicurrency features. Experiments simulated several cross-currency transactions settled in both TIPS and BUNA IPS, by debiting the EUR TIPS account and crediting JOD BUNA IPS account, and vice versa. Please see the BUNA- TIPS announcement here . 22 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
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