API standards would open up payment possibilities, says BIS
Bank also highlights financial and operational risks of linking systems across borders
Common standards for application program interfaces (APIs) would open up new possibilities for linking fast payment systems (FPSs), says the Bank for International Settlements.
The BIS committee on payments and market infrastructures published two reports to the G20 on October 15 offering recommendations on interlinking fast payment systems to enhance cross-border payment flows.
The committee said interlinking systems across borders could make them faster, increase access to them and reduce costs
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