Citi Payments Perspectives

28 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) IP Instant Payments IP schemes are fast becoming the “go-to” payment method, where standardization and industry collaboration between government, central banks, and scheme makers is critical to aid in the adoption of instant payments globally. ISO International Organization for Standardization ISO is an independent, non-governmental international organization with a membership of 167 national standards bodies. IXB Immediate Cross-Border Payments IXB is a blueprint for an immediate, frictionless cross-border payment model. JMLSG Joint Money Laundering Steering Group The Joint Money Laundering Steering Group is made up of the leading UK trade associations in the financial services industry. LCY Local Currency OCC Office of the Comptroller of the Currency The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. NBFI Non-Bank Financial Institutions A nonbank financial institution is a financial institution that does not have a full banking license and cannot accept deposits from the public. NSS National Settlement Service The National Settlement Service is a multilateral settlement service owned and operated by the Federal Reserve Banks. The service is offered to depository institutions with Federal Reserve Bank master accounts that settle for participants in clearinghouses, financial exchanges and other clearing and settlement arrangements. PFMI Principles for Market Infrastructures PFMIs contain demanding international standards for payment, clearing and settlement systems. The standards are designed to ensure that the infrastructure supporting global financial markets is more robust and thus well placed to withstand financial shocks. PMPG Payments Market Practice Group The Payments Market Practice Group (PMPG) provides a global forum to drive better market practices which, together with correct use of standards, will help in achieving full straight-through processing and improved customer service. POC Proof of Concept PRC Payments Risk Committee FRB sponsored meeting to discuss major topics related to USD payment risk with major North America banks, plus Goldman Sachs and Morgan Stanley. PSP Payment Service Provider 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