Asia struggles with G20 payment targets

Asian banks are racing to meet G20 cross-border -payment goals on speed, cost, and transparency, but dated infrastructure, high fees, and fragmented rules hinder near-real-time payment transfers.

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"In most developed countries, domestic payment schemes are now instant," Mishal Ruparel, chief commercial officer at Banking Circle, told Asian Banking and Finance at Sibos 2024.

"For example, in the UK, you've got FPS (Faster Payments System); in Australia, there's NPP (New Payments Platform); and in Singapore, there's Faster Pay. These systems are in place.

But as soon as you cross borders, it's not well set up," he added.