Interoperability between payment systems across borders

Key takeaways

• Interoperability among payment systems – as the foundation for enhancing cross-border payments – requires technical, semantic and business system compatibility so that end users can seamlessly transact with each other across systems.
• Public and private sector options in pursuing cross-border payment system interoperability can be illustrated using four stylised models, ordered in increasing complexity and cost but also greater efficiency – a single access point, bilateral link, hub and spoke or a common platform.
• The BIS Innovation Hub is putting theory into practice with several innovative projects to foster interoperability across the four stylised models.
• An ambitious, multi-year G20 programme to enhance cross-border payments is under way.

The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.