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iSoftware4Banks Helps BAFT Develop Whitepaper on Cross-Border Faster Payments

As published on by Blair Bernstein | Mar 29, 2021

BAFT announces publication of whitepaper on conditions necessary for a cross-border faster payments ecosystem.

WASHINGTON - BAFT, the leading global financial services association for international transaction banking, today announced the publication of its whitepaper, Enabling Faster Payments Across Borders.

The paper discusses the cost-benefit analysis involved in moving forward with cross-border faster payments including user expectations and industry readiness for adoption. It also provides recommendations and key considerations to enable the development of a cross-border faster payments ecosystem.

“Baseline standards and processes must be established to address the open issues that make real progress on cross-border faster payments difficult to attain,” said Samantha Pelosi, senior vice president for payments and innovation, BAFT and co-chair of the BAFT Cross-Border Faster Payments Working Group, which produced the paper. “These issues fall into three broad categories of interoperability, business processes and compliance, and are similar to the frictions that the Financial Stability Board (FSB) and Committee on Payments and Market Infrastructures (CPMI) have identified as inherent to all cross-border payments.”

The publication of this paper is the first step of BAFT’s larger strategy to facilitate global faster payments by encouraging the designers of national and regional faster payments systems to include the capability at the outset. The paper and ongoing research by BAFT’s