Also known as instant or real-time payments, fast payments are characterized by the instant transmission of the payment message and by the immediate availability of funds to the beneficiary on a 24/7/365 basis. Just as domestic fast payment systems bring the potential for greater economic activity and inclusion, cross-border payments regimes could allow for heightened integration and economic growth. Adding to the complexity, however, is the need for payment schemes to harmonize regulations, settlement, and clearing procedures in order to facilitate seamless cross-border transactions.
In this webinar, Colin Colter (Payments Consultant with the World Bank) and Claudio Ceresani (Senior Payments Consultant with the World Bank) discuss major approaches to enabling cross-border payments.