Today the BIS and Reserve Bank of India announced the 2023 edition of the G20 Techsprint, with applications open until June 4. The three topics include cross border central bank digital currency (CBDC), FX and liquidity solutions for emerging currencies, and anti money laundering (AML) technologies. India currently holds the Presidency of the G20.
All three topics address issues that are part of the G20 cross border payment program to enable faster and cheaper payments. In many ways, the AML one might be the most intractable. Many cross border payments seem inefficient because AML processes slow things down, with many transfers stopped for extra checks. Much of the work to gain efficiencies could be lost in this single area.
“While preserving financial integrity, payments should be able to flow seamlessly across borders and between payment systems to promote competition,” said the Head of the BIS Innovation Hub, Cecilia Skingsley.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
