IIF Authors

Status: Will be live at 01/19/2022 18:05

IIF Response to CPMI’s Consultation Report on Cross-Border Payments

The IIF has made a submission to the Committee on Payments and Market Infrastructures responding to its consultation report on real-time gross settlement (RTGS) system operating hours. The submission states that, while the IIF welcomes the objectives of the G20’s cross-border payments roadmap in increasing speed of cross-border payments, and the valuable analytical work that has been done by CPMI and its members on RTGS system operating hours, extending RTGS operating hours may come with significant additional costs and risks that may not be justified. The IIF therefore believes careful country- and regional-level consideration should be given to the possible need for trade-offs between the G20 Roadmap’s cost and speed goals when it comes to the question of extending RTGS systems’ operating hours.