This report is part of the building block 19 that focuses on the effort in improving the current existing payment ecosystem as well as payment infrastructure and regulation in the futureJakarta (ANTARA) - The Committee on Payments and Markets Infrastructure (CPMI) has issued the Interlinking Payment Systems and the Role of Application Programming Interfaces: A Framework for Cross-Border Payments report outlining an international framework for cross-border payments.
Bank Indonesia (BI), a member of the CPMI, in an official statement issued on Monday, said that the report, published on July 8, 2022, was part of the G20 program concerning cross-border payments.
G20 is an international forum comprising 19 countries and the European Union that work together to handle major issues. Indonesia is holding the presidency of the grouping this year.
The CPMI report is expected to provide a picture to payment system organizers concerning the framework for interlinking payment systems, BI's communication department head, Erwin Haryono, noted.
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It is also expected to provide an analysis of Application Programming Interface (API) utilization for system payment, he added.
The report is expected to provide an overview of regulations for supporting cross-border payments and assess benefits, challenges, and risks for determining the most accurate solutions for cross-border payments for a country.
CPMI is an international organization that is responsible for the development and strengthening of the building blocks of the payment system ecosystem.
It is specifically responsible for building block 13, which focuses on bolstering the interlinking payment system, and building block 15 that focuses on API harmonization for data exchange.
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"This report is part of the building block 19 that focuses on the effort in improving the current existing payment ecosystem as well as payment infrastructure and regulation in the future," Haryono informed.
The development of cross-border payment is also one of the priority agendas of the Indonesian G20 Presidency.
One of the implementations of synergy and collaboration is the 2022 Indonesian Digital Finance and Economy Festival (FEKDI), which began today in Bali and will end on July 15, 2022.
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"The 2022 FEKDI raises a variety of digital finance and economy development discussions by international authorities, industry players, academicians, and organizations," he informed. (INE)
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Translator: Sanya Dinda S, Fadhli Ruhman
Editor: Fardah Assegaf
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