Reforming cross-border payments
· Andrew Bailey, Governor of the Bank of England (United Kingdom)
Summary written by Dark Majestic in its own words · topics: payments, digital money and crypto-assets, development and emerging economies
AB · Andrew Bailey Wiki · Bank of England WikiReforming cross-border paymentsContextWelcome speech by the Governor of the Bank of England, as FSB Chair, at the third FSB Payments Summit, hosted in London.
Why it mattersAdmits progress on cheaper and faster cross-border payments is behind schedule and sets out next steps.
Problems raised- Cross-border payments remain slow and costly.
- Regions progress at different speeds.
- Domestic payment rails limit cross-border improvement.
Solutions proposed- Develop jurisdiction and regional action plans.
- Improve domestic payment infrastructure.
- Strengthen public-private partnership.
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