These changes will have wide-ranging impacts across messaging standards, operational models, market infrastructure and payments capabilities. The challenges of implementing change on such a scale are significant; however, this change will be necessary to create a payments ecosystem fit for purpose for future business models and evolving end-user expectations. Citi’s position as a bank in 90+ markets with connectivity to over 270 Payments Market Infrastructures, 28 of these being Instant Payments schemes, around the globe and memberships in many industry committees and working groups gives us a unique view into many of the key industry initiatives in flight.
In this series, we will share updates and insights on payments transformation work underway across the globe with a specific regional focus each quarter. We encourage all Industry participants and clients to engage in this dialogue with the collective aim of building an environment where we will be able to make payments instantaneously as if there are no borders, no currencies and no constraints.