A framework for the interlinking of instant payment systems

The linking of instant payment systems holds promise to improve the efficiency of cross-border payments. While many of the interoperability barriers to interlinking domestic instant payment systems are increasingly well-known, greater attention should be given to the underlying governance, commercial and technical models of linked arrangements.

In this whitepaper, we propose a framework based on understood foundational principles, coupled with supporting pillars to promote the arrangement’s adoption, scale and viability that could be leveraged by payment system participants, policymakers and central banks when assessing potential paths forward in the linking of instant payment systems.