The Committee on Payments and Market Infrastructures (CPMI) of Bank for International Settlements (BIS) is establishing an experts panel on the harmonization of application programming interface (API) protocols to contribute to the G20 cross-border payments program.
The CPMI invited cross-border payment service providers, financial infrastructures, relevant industry associations and central banks to nominate API experts, until June 30, 2023, to join a newly established panel to work on the harmonization of API protocols for cross-border payments. Nominees should possess strong technical knowledge and experience of API development, open banking and cross-border payments, as well as familiarity with API standardization initiatives at the jurisdictional and/or multilateral level. The API panel of experts will be a joint group of private and public sector representatives to help assist in the evaluation of proposals for API standards in cross-border payment information exchange, propose areas for greater harmonization of APIs used in cross-border payments and develop a longer-term global governance proposal and process to continue updating harmonized API requirements. The panel will be geographically and sectorally diverse and consist of approximately 20 members. The panel will be chaired by a senior CPMI representative. The API panel of experts plan to meet virtually at least every quarter and aims to complete this work by July 2024.
The key objective of the G20 cross-border payments program is to enhance cross-border payments' speed and transparency while increasing access to cross-border payment services and reducing their costs. APIs are increasingly being adopted by payment systems and payment service providers alike and are already successfully used, among other things, for account validation, compliance screening, message repairs and investigations. By reducing manual intervention and facilitating more timely data exchange across the payment chain, APIs can facilitate more efficient and faster cross-border payments. The G20 cross-border payments program has identified the harmonization of API protocols as a priority initiative for achieving cheaper, faster, more transparent and more accessible cross-border payments. Hence, the harmonization of APIs is a priority action for the implementation phase of the cross-border payments program.
Related Link: Press Release
Keywords: International, Banking, Securities, G20, Cross-Border Payments, API, Open Banking, Harmonization of API Protocols, Regtech, BIS, CPMI
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