‘Evolution or revolution?’ examines how technology can transform an industry ready for renewal
Market participants, regulators and technology companies are poised to transform global cross-border payments into an industry fit for the digital age, a new report from OMFIF finds. The report examines the two routes towards this: evolution, through the transformative upgrading of existing infrastructure; or revolution, a great leap forward through the adoption of digital currencies, stablecoins and related technologies, such as tokenisation.
‘The path of progress in upgrading the costly, slow, poorly connected and cumbersome infrastructure on which much of the global economy depends is at last under way. And not before time,’ OMFIF said.
The report was launched just after the Bank for International Settlements announced that is setting up a task force on defining common features of cross-border payments service levels. And it follows an interim report from the Financial Stability Board in October 2021 that outlined five key areas of focus in which the public and private sectors can work together to improve a key priority of the G20.
The ‘Future of cross-border payments’ also takes a detailed look at how wholesale financial markets are meeting the digital payments challenge, how the remittances sector could be transformed by new technology and the challenges the industry faces from the threat of cybersecurity issues.
As well as speaking to a range of market specialists from around the world, the report also contains contributions from leading players such as Swift, Visa, JPMorgan, G+D, Algorand and MetaMui.
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