The Committee on Payments and Market Infrastructures (CPMI) invited managers of service level agreements (SLAs) and payment schemes who are interested in enhancing cross-border payments „to nominate senior representatives to a newly established task force”, according to the press release.
The task force will also include CPMI representatives working on implementing building block 3 of the G20 cross-border payments programme, which aims to create a template to define common features of cross-border payment service levels.
Starting in early 2022, the task force will meet every six to eight weeks, and its findings will feed into the development of a service level template that stakeholders can use as a starting point when establishing agreements.
„It will not suggest any specific service levels but will reflect how the elements relevant for cross-border payments can be addressed consistently,” BIS said.
Agreed service levels, relevant for both wholesale and retail payments, can cover a set of functions, procedures and arrangements that make it possible to execute a payment order between different entities in the cross-border payment value chain. Examples include the interlinking of payment systems or correspondent banking processes. Schemes can cover card payments, credit transfers, direct debits, electronic and mobile money transactions, and remittances.
These agreed service levels establish consistency and certainty for all cross-border payment stakeholders based on a common framework. They can advance the targets for addressing the challenges of cross-border payments by alleviating underlying cross-border payment frictions. These service levels can be defined in the form of SLAs or payment schemes.
Earlier this year, the CPMI analysed 14 existing multilateral SLAs and payment schemes to identify their common features. It found shared features that, with further development and convergence, could enhance cross-border payments. Today’s call marks the next step in this process.
Expressions of interest in the task force should be emailed to cpmi@bis.org with „Service level task force” in the subject line by 14 January 2022.
The CPMI will seek to achieve geographic representativeness and coverage of a broad range of SLA/scheme types when selecting the task force members and developing the draft terms of reference.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
