The G20 has made enhancing cross-border payments a priority. At the same time, the payments landscape is in flux: retail fast payment systems are being established, central banks are revisiting access to real-time gross settlement (RTGS) systems for fintech players, central bank digital currencies (CBDCs) are moving beyond experiments and prototypes, and standardisation is gaining ground with ISO20022. This panel session looks at the potential of wholesale CBDCs in particular to make cross-border payments faster and cheaper.
Solving Cross-Border: The Roadmap to Connecting Faster Payment Systems with Dilip Asbe, Lawrence Chan, Siritida Panomwon. Moderated by Melvyn Low.
The pioneers of linking of faster payment systems share their views on the challenges of connecting these systems and how they pave the way for a new dawn of faster, cheaper and safer cross-border payments.
“Ever need to send money to another country? Why is it possible to instantly send a message — but with payments, it’s sometimes faster to board a plane and fly it there yourself?”
In a world where three billion people are connected online, cars drive themselves and appliances can communicate, global payments are still stuck in the disco era.
Why? The payment infrastructure was built before the internet with few updates.
Ripple connects banks and payment providers via RippleNet to provide one frictionless experience for sending and receiving money globally.
RippleNet runs on the most advanced blockchain technology. It is scaleable, secure and interoperates with different networks.
Customers have optional access to source liquidity using the world’s fastest and most reliable digital asset for payments: XRP.
Ripple is infrastructure technology that empowers financial institutions to make real-time, cross-border transactions for their customers.
Ripple’s distributed tools and global network enable speed, certainty and reach at a lower settlement cost than previously possible.
The Federal Reserve System is reviewing faster payment strategies for the U.S., including Ripple for greater interoperability.