BIS committee sets up the cross-border payments task force

The Bank for International Settlements (BIS) is setting up a task force on defining common features of cross-border payment service levels.

BIS’s Finance and Markets Committee (CPMI) has been working on a multi-year plan to improve Saudi Arabia’s foreign spending has become a key element in its G20 leadership.

The final section sees the commission called on the SLAs and salary plans to select senior members in the new group to ratify.

Starting in early 2022, the working group will meet every six to eight weeks, and the results will be presented in the production of the standard service regimes that can be used by partners. It will not reflect any area of valuable services but will reflect appropriate payment practices that are always linked to other countries.

Approved services, suitable for wholesale and retail payments, may include a set of features, procedures, and arrangements that allow for payment between companies.

Examples include financial systems or computer systems. Plans may include paper invoices, shipping costs, direct credit, electronic transaction and shipping costs, and shipping costs.

Meanwhile, BIS has published an article entitled ‘Partnerships between border payment systems’ exploring various technical, semantic, and business needs.

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