The BIS Committee on Payments and Market Infrastructures’ (CPMI’s) FX workstream will promote a workshop dedicated to the theme “Outreach to users of PvP settlement mechanisms”.
This FX workstream is responsible for implementing building block 9 of the Financial Stability Board’s (FSB’s) Cross-border payments roadmap, and aims to facilitate increased adoption of PvP settlement of FX obligations. As action 2 under this building block involves stocktaking and analysis to develop options that could increase adoption of PvP, the FX Workstream would like to hear users’ perspectives on the drivers for non-PvP settlement and what can be done about it.
The outreach session will be held on Monday 10 May, 13.00 – 14.30 CEST, via WebEx. Registration is required to join so please follow this link to action.
Background on the Cross-border payments roadmap
Over the past few decades, domestic payment systems have undergone a radical transformation. New payment methods and interfaces have taken shape, and many more innovations are under way. The Covid-19 pandemic has further accelerated the shift to digital payments. Yet cross-border payments are still in many cases slow, expensive, opaque, and for many users not easily accessible. To address this, in October 2020, the G20 endorsed a roadmap to enhance cross-border payments. The roadmap builds on an FSB report, setting out the challenges and the frictions in cross-border payments that contribute to them, and a CPMI report, describing the necessary elements of a response, in the form of a set of 19 building blocks.
Source: Bank for International Settlements, Committee on Payments and Market Infrastructures’