Citi Payments Perspectives

7 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) FSB/CPMI Consultation on Extending and Aligning Payment System Operating Hours In November 2021, the Committee on Payments and Market Infrastructures (CPMI) issued a consultation document looking to extend and align payment system operating hours for cross-border payments. One of the proposals is for a global settlement window that will operate at the optimal time of day when the largest number of national real-time gross settlement (RTGS) systems operate. The consultative report was issued as part of the FSB cross-border payments program, focused on enhancing cross-border payments. The CPMI says an extension of RTGS operating hours across jurisdictions could help address current obstacles, thereby increasing the speed of cross-border payments and reducing liquidity costs and settlement risks. Real-time gross settlement operating hours on working days (GMT) for Committee on Payments and Market Infrastructures jurisdictions per region Hours of day (GMT) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 APAC AU JP KR CN HK SG ID IN EMEA RU TR SA ZA CH EA SE GB AM BR AR US CA MX CLS AM = Americas; APAC = Asia-Pacific; AR = Argentina; AU = Australia; BR = Brazil; CA = Canada; CH = Switzerland; CLS = CLS Bank; CN = China; EA = Euro area; EMEA = Europe, Middle East and Africa; GB = United Kingdom; HK = Hong Kong SAR; ID = Indonesia; IN = India; JP = Japan; KR = Korea; MX = Mexico; RU = Russia; SA = Saudi Arabia; SE = Sweden; SG = Singapore; TR = Turkey; US = United States; ZA = South Africa. Source: CPMI survey. Figure: RTGS Operating Hours from CPMI Survey (Source: CPMI). 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