CPMI creates framework for linking payments
Linking and use of APIs could cut need for long chains of correspondent banks, report says
The Committee on Payments and Market Infrastructures has published a framework to guide authorities in linking up payment systems across borders.
The document, published on July 8, outlines how one country’s payment system may be connected to another. It also contains a survey of existing interlinkages and how they are structured.
The report finds 26 payment systems (about 10% of those surveyed), covering 22 jurisdictions, have some sort of interlinkage with a foreign system. The links tend to
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