BIS Panel To Harmonise API Methods For Cross-Border Payments

BIS panel to harmonise API methods for cross-border payments

BIS’s Committee on Payments and Market Infrastructures (CPMI) is asking cross-border payment service companies, financial infrastructures, industry associations, and central banks to suggest API experts to join the panel.

The move is a reaction to the G20 cross-border payments program, which has made the problem a global priority over the last few years.

APIs are being used more and more by both payment systems and service companies. The CPMI says that APIs can make cross-border payments more efficient and faster by lowering the amount of manual work and making it easier for data to be shared in real time along the payment chain.

But as APIs become more popular, the way standards are broken up could make the benefits of implementation less useful.

In order to make cross-border payments cheaper, faster, more transparent, and easier to use, the G20 program has made it a goal to help API protocols become more standardized.

The new group, which is made up of about 20 people, will help evaluate proposals for API standards in cross-border payment information exchange, suggest areas where more harmonization is needed, and develop a longer-term global governance proposal and process to keep updating harmonised API requirements.