## Exploring Multilateral Platforms for Cross-Border Payments

_Analytical Notes, January 18, 2023_

## Source details

**Canonical URL:** [Exploring Multilateral Platforms for Cross-Border Payments](https://www.imf.org/en/publications/analytical-notes/issues/2023/01/18/exploring-multilateral-platforms-for-cross-border-payments-528297)

## Other formats

- [Markdown version](/en/publications/analytical-notes/issues/2023/01/18/exploring-multilateral-platforms-for-cross-border-payments-528297/index.md)
- [Structured JSON version](/en/publications/analytical-notes/issues/2023/01/18/exploring-multilateral-platforms-for-cross-border-payments-528297/index.json)
- [Bundle manifest](/en/publications/analytical-notes/issues/2023/01/18/exploring-multilateral-platforms-for-cross-border-payments-528297/bundle-manifest.json)

## Bibliographic details
- Published: January 18, 2023
- Series: Analytical Notes
- DOI: https://doi.org/10.5089/9798400227363.064

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### Purpose and scope
- 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.

### Core analytical themes
- 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.

### Key findings (as described)
- 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).

### Policy implications and considerations
- 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.

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## Content in this bundle

- **Exploring Multilateral Platforms for Cross-Border Payments**
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_Source: https://www.imf.org/en/publications/analytical-notes/issues/2023/01/18/exploring-multilateral-platforms-for-cross-border-payments-528297_