Citi Payments Perspectives

5 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) Building Blocks A Public and Private Sector Commitment 1. Develop common cross-border payments vision and targets 2. Implement international guidance and principles 3. Define common features of cross-border payment service levels B Regulatory, Supervisory and Oversight Frameworks 4. Align regulatory supervisory and oversight frameworks 5. Apply AML and CFT consistently and comprehensively 6. Review interaction between data frameworks and cross-border payments 7. Promote safe payment corridors 8. Foster KYC and identity information sharing D Data and Market Practices 14. Adopt a harmonized version of ISO 20022 for message formats 15. Harmonize API protocols for data exchange 16. Establishing unique identifiers with proxy registries C Existing Payments Infrastructures and Arrangements 9. Facilitate increased adoption of PVP 10. Improve direct access to payment systems 11. Explore reciprocal liquidity arrangements 12. Extend and Align operating hours 13. Pursue interlinking payment systems E New Payment Infrastructures and Arrangements 17. Consider the feasibility of new multilateral platforms and arrangements for cross-border payments 18. Foster the soundness of global stablecoin arrangements 19. Factor an international dimension into CBDC In Other Words • Initiative could reshape cross-border payments infrastructure, regulation and the end-user experience. • Global targets established, addressing cost, speed, transparency and access for wholesale, retail and remittances markets. • By end-2027, 75% of cross-border payments is anticipated to provide availability of funds within one hour of payment initiation. • All FIs and end-users to have access to one or more infrastructures for sending/receiving cross-border payments by end-2027. 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 Figure: FSB Building Blocks (Source: FSB Cross-Border Payments Roadmap).