{
  "title": "Exploring Multilateral Platforms for Cross-Border Payments",
  "publication": "Analytical Notes, January 18, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/analytical-notes/issues/2023/01/18/exploring-multilateral-platforms-for-cross-border-payments-528297",
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  "summary": "This report provides an assessment of whether and how multilateral platforms could bring meaningful improvements to the cross-border payments ecosystem.",
  "sections": [
    {
      "heading": "Purpose and scope",
      "content": "- Provides an assessment of whether and how multilateral platforms could bring meaningful improvements to the cross-border payments ecosystem.\n- Written by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) in collaboration with the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank.\n- Analysis is based on a stocktake, conducted by the CPMI, of existing and potential multilateral platforms and bilateral discussions with existing platform operators."
    },
    {
      "heading": "Core analytical themes",
      "content": "- Potential costs and benefits of multilateral platforms for cross-border payments.\n- How multilateral platforms might alleviate selected cross-border payment frictions.\n- Evaluation of risks, barriers, and challenges to establishing multilateral platforms.\n- Exploration of two paths for the evolution of multilateral platforms."
    },
    {
      "heading": "Key findings (as described)",
      "content": "- Multilateral platforms have the potential to deliver meaningful improvements in cross-border payments by addressing identified frictions.\n- The report analyses both benefits and costs, indicating that net outcomes depend on platform design, governance, and interoperability.\n- Establishing multilateral platforms faces specific risks, barriers, and challenges that need to be addressed for successful implementation.\n- Two distinct evolutionary paths for multilateral platforms are explored (the source describes their existence; details of the paths are contained in the full report)."
    },
    {
      "heading": "Policy implications and considerations",
      "content": "- Platform design, governance, and interoperability are central to realizing potential benefits.\n- Addressing identified risks and barriers is necessary before multilateral platforms can be expected to deliver improvements at scale.\n- Engagement with existing platform operators and a thorough stocktake of existing and potential platforms are important inputs for policymaking.\n\n---\n\n Content in this bundle\n\n- Exploring Multilateral Platforms for Cross-Border Payments\n  - Exploring Multilateral Platforms for Cross-Border Payments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Exploring Multilateral Platforms for Cross-Border Payments (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/analytical-notes/issues/2023/01/18/exploring-multilateral-platforms-for-cross-border-payments-528297"
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    "Published: January 18, 2023",
    "Series: Analytical Notes",
    "DOI: https://doi.org/10.5089/9798400227363.064",
    "Provides an assessment of whether and how multilateral platforms could bring meaningful improvements to the cross-border payments ecosystem.",
    "Written by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) in collaboration with the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank.",
    "Analysis is based on a stocktake, conducted by the CPMI, of existing and potential multilateral platforms and bilateral discussions with existing platform operators.",
    "Potential costs and benefits of multilateral platforms for cross-border payments.",
    "How multilateral platforms might alleviate selected cross-border payment frictions.",
    "Evaluation of risks, barriers, and challenges to establishing multilateral platforms.",
    "Exploration of two paths for the evolution of multilateral platforms.",
    "Multilateral platforms have the potential to deliver meaningful improvements in cross-border payments by addressing identified frictions.",
    "The report analyses both benefits and costs, indicating that net outcomes depend on platform design, governance, and interoperability.",
    "Establishing multilateral platforms faces specific risks, barriers, and challenges that need to be addressed for successful implementation.",
    "Two distinct evolutionary paths for multilateral platforms are explored (the source describes their existence; details of the paths are contained in the full report).",
    "Platform design, governance, and interoperability are central to realizing potential benefits.",
    "Addressing identified risks and barriers is necessary before multilateral platforms can be expected to deliver improvements at scale.",
    "Engagement with existing platform operators and a thorough stocktake of existing and potential platforms are important inputs for policymaking.",
    "**Exploring Multilateral Platforms for Cross-Border Payments**"
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